The Global Industry Classification Standard (GICS) sectors are about to undergo a major reshuffle that will impact the Consumer Discretionary, Information Technology, and Telecommunication Services sectors. Combined, these three sectors account for over 40% of the S&P 500’s market cap. The change impacts a large portion of the index and unlike the previous change that broke out the Real Estate sector from the Financials sector, this reclassification is not clean. Exhibit 1: Comparison of S&P 500 New to Current GICS Sectors Source: I/B/E/S On Monday, Sep. 24, 2018, a new GICS sector, Communication Services, will be implemented. The new sector

Much of the stock market’s recent boom resided in an acronym: FAANG, for Facebook, Apple, Amazon, Netflix and Google, aka Alphabet. As important as they’ve become, investors tired of this trade can look forward in 2018 to a new set of letters to jumble into a more exciting investment thesis. Call it SLAW. Four of the most highly valued private companies – Spotify, Lyft, Airbnb and WeWork – are in various stages of preparing to go public. Although none may ever match the scale of a FAANG or a BAT – as China’s Baidu, Alibaba and Tencent are known –

Hulu’s ownership has become simpler in one way, and more complex in another. Walt Disney may soon have a majority stake in the streaming service behind “The Handmaid’s Tale,” reducing the number of controlling investors from three to two. Disney’s counterpart, cable company Comcast, is muzzled by a deal it struck with regulators, but won’t stay that way for long. The Magic Kingdom gets a 30 percent share of Hulu as part of its agreement to buy parts of Rupert Murdoch’s Twenty-First Century Fox for $66 billion – doubling its own stake. While Disney is working on launching its own