Exchange traded funds that follow consumer discretionary stocks will see the action piloted by bellwether Disney (NYSE: DIS) on Wednesday following quarterly results. The company’s earnings came in lower than expected after Tuesday’s closing bell.

Evercore Partners confidently boosted its profit estimates for Disney ahead of the results.

“We have long felt that the Street tends to underestimate the magnitude of the turn in Disney’s earnings both on the up and down sides. Additionally Disney is the most challenging of the media company’s earnings to project,” Evercore said in an earnings preview.

Yet the analysts raised their projections “given the strength in the ad environment and general trends at Disney.”

The stock is the second-largest holding in Consumer Discretionary Select Sector SPDR Fund (NYSEArca: XLY) at 6.2% of the ETF. Also, PowerShares Dynamic Media (NYSEArca: PBS) invests about 5% of assets in Disney.

The opinions and forecasts expressed herein are solely those of John Spence, 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.