{"id":38735,"date":"2023-07-21T13:23:36","date_gmt":"2023-07-21T17:23:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/hollywood-strike-poses-key-risk-to-these-stocks-even-if-barbie-and-oppenheimer-smash-the-box-office\/"},"modified":"2023-07-21T13:23:38","modified_gmt":"2023-07-21T17:23:38","slug":"hollywood-strike-poses-key-risk-to-these-stocks-even-if-barbie-and-oppenheimer-smash-the-box-office","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38735","title":{"rendered":"Hollywood Strike Poses Key Risk To These Stocks\u2014Even If Barbie And Oppenheimer Smash The Box Office"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Several entertainment stocks faced significant analyst downgrades this week amid the Hollywood actors and writers\u2019 unions ongoing strikes, showing the buzz about movies during the opening weekend of highly anticipated films <em>Barbie <\/em>and <em>Oppenheimer<\/em> is by no means a cure-all for the sector.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Bank of America analysts led by Sherif El-Sabbahy downgraded their stock recommendation for equipment rental company Herc Holdings from a buy to a sell in a Friday note, predicting the strike, which sent Hollywood production to a standstill, will send sales from Herc\u2019s crucial entertainment rental segment down 75% year over year during 2023\u2019s third quarter.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>On Wednesday, JPMorgan analysts led by David Karnovsky lowered their rating for shares of movie chain Cinemark from buy to hold, citing the \u201coverhang\u201d of the Hollywood walkout, ominously warning the walkout will \u201climit upside regardless of whether the box office outperforms near term.\u201d<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>There\u2019s \u201cincreased risk that the remainder of the 2023 film slate underperforms due to difficulties for studios promoting shows,\u201d Goldman Sachs analysts Stephen Laszczyk and Antares Tobelem wrote last week.<\/p>\n<p>  <fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Profit and revenue estimates at Cinemark and film technology giant Imax for this year and beyond \u201cdo not yet fully incorporate film-delay risks,\u201d according to the bank.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Since Hollywood actors began their strike last Thursday, Imax (down 9%), Herc (down 7%), Cinemark (down 5%) and AMC (down 1%) have each underperformed the S&amp;P 500\u2019s 1% gain during the period.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Larger entertainment stocks haven\u2019t noticeably moved over the last week, but Paramount and Disney are two of the 12 worst-performing stocks on the S&amp;P 500 since the writers\u2019 strike began May 2, according to FactSet data.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Contra<\/h2>\n<p>There are still winners emerging from the turbulent time in Tinseltown. Loop Capital identified Netflix as the entertainment giant most likely to emerge from the strike relatively unscathed due to its \u201ccompetitive advantage\u201d of backlogged content. Shares of Comcast Warner Bros. Discovery, the respective distributors of <em>Barbie <\/em>and <em>Oppenheimer<\/em>, are up more than 5% apiece over the last month. Mattel, the manufacturer of Barbie toys, has enjoyed a 20% surge in its stock price over the last month thanks in large part to movie hype.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p><em>Barbie<\/em> raked in $22 million on its first night in theaters Thursday, setting it up to land one of the largest opening weekends of the year (<em>Oppenheimer<\/em> brought in $10 million Thursday). Among the most-anticipated movies of the year, internet users quickly latched onto the utterly opposite nature of the films scheduled for the same release date, one a light-hearted biopic on a toy and the other a biopic on the nuclear scientist who helped create atomic bombs, which killed more than 200,000 people.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Barbie, Inc: How A $3 Toy Inspired A Multi-Billion-Dollar Dream World (<em>Forbes<\/em>)<\/p>\n<p>Netflix Stock Hits 17-Month High As Analysts Forecast \u2018Competitive Advantage\u2019 From Hollywood Strike (<em>Forbes<\/em>)<\/p>\n<p>Hollywood Strike Dims Hope of Barbenheimer Bump for Movie Stocks (Bloomberg)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/07\/21\/hollywood-strike-poses-key-risk-to-these-stocks-even-if-barbie-and-oppenheimer-smash-the-box-office\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Several entertainment stocks faced significant analyst downgrades this week amid the Hollywood actors and writers\u2019 unions ongoing strikes, showing the buzz about movies during the opening weekend of highly anticipated films Barbie and Oppenheimer is by no means a cure-all for the sector. Key Facts Bank of America analysts led by Sherif El-Sabbahy downgraded [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-38735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hollywood Strike Poses Key Risk To These Stocks\u2014Even If Barbie And Oppenheimer Smash The Box Office | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Several entertainment stocks faced significant analyst downgrades this week amid the Hollywood actors and writers\u2019 unions ongoing strikes, showing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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