Why So Serious? The Dark Knight Can’t Help Media ETF
July 31st 2008 at 3:00pm by Tom Lydon
You’d think that some record-setting numbers for one of the summer’s hottest and most entertaining movies would be delivering some hope to exchange traded funds (ETFs).
This weekend,The Dark Knight raked in another $10.5 million to its total gross of $324.3 million, making it Warner Bros.’ biggest hit in history. Unfortunately, though, the numbers seemed to have virtually no effect on the stock of the studio’s parent, Time Warner (TWX).
The Hollywood Reporter said the shares were at $14.70 on July 18, opening day. As of Tuesday, they were trading at $14.57, reports iMDb.
Interestingly, Time Warner is also the parent of DC Comics, Batman’s birthplace.
The media ETF, Powershares Dynamic Media (PBS), gives 5% to Time Warner. The fund is down 19.1% year-to-date.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.