Disney shares surge nearly 10%, and some ETFs go along for the ride
Exchange-traded funds with big holdings in Walt Disney Co. (DIS) jumped Wednesday, with some adding to gains that put them on track for their best week in over a month. Disney shares were up nearly 11% at midday after a stronger-than-expected earnings report Tuesday night, pointing to a diversified revenue mix that shielded the company from the worst of the tourism slump. The SoFi 50 ETF (SFYF), with 4.9% of its portfolio in the company, was up 1.2% at midday, outpacing the 0.6% gain in the broader market , while the Invesco Dynamic Media ETF (PBS), with 4.3% in Disney, was up 0.8%. Both were on track for a 4-week high. The iShares U.S. Consumer Services ETF (IYC) was up 0.5%. It has a 4.3% weighting in Disney, but nearly 10% of its portfolio in Amazon.com Inc. (AMZN), shares of which were up 1.3% at midday.
-Andrea Riquier; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 05, 2020 12:04 ET (16:04 GMT)
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