July 5, 2022
Rosenblatt analyst Barton Crockett noted that Internet, Media, and Experiential equities underperformed the S&P 500 in 2Q22 and 1H22 of generationally high stock pressures (the worst S&P 500 start since 1970).
In Rosenblatt's 28 stock universe, every equity fell in 2Q22. Those that generally outperformed the S&P 500's 16% decline in 2Q22 (but not always) appear to be those with stability in recession scenarios.
Strong performance, turnarounds, or sale processes provided limited or no respites. He concluded that in this sector, and probably the market overall, recession fears drive performance.