While this earnings season continues to show broad-based strength like the last couple of quarters, The Walt Disney Company (DIS) disappointed investors by missing on both the top and bottom lines. Earnings in Focus Earnings per share came in at $1.87, missing the Zacks Consensus Estimate by 10 cents but increasing from the year-ago earnings of $1.58. Revenues grew 7% year over year to $15.2 billion and fell short of the estimated $15.49 billion. Studio Entertainment is a major contributor to revenues, having grown 20% on the back of the huge success of Avengers: Infinity War and Incredibles 2 as well as continued strong performance of Black Panther and the Solo: A Star Wars Story. Revenues at Media Network, and Parks and Resorts increased 5% and 6%, respectively. Walt Disney Co. won the U.S. approval to buy Twenty-First Century Fox Inc(FOXA). entertainment assets for $71.3 billion on the condition that it sells Fox’s 22 regional sports networks, giving Disney an edge over Comcast Corp’s(CMCSA) competitive bid. This is being done to boost the Disney branded streaming service set to launch in late 2019.(Read: Disney- Comcast Battle for Fox’s Assets). Market Impact Following the earnings announcement, shares of Disney fell nearly 2% in aftermarket hours. The stock currently has a Zacks Rank #4 (Sell), indicating some pain in the near term. However, Disney has a top VGM Score of A and belongs to a top-ranked Zacks industry (top 29%). The rough trading could spread into the ETF world, especially funds having the largest holdings to this media and entertainment conglomerate. iShares Evolved U.S. Media and Entertainment ETF (IEME) The fund is actively managed and seeks to provide access to U.S. companies with media and entertainment exposure. The fund has 75 holdings and Walt Disney occupies the top position with 6.9% share. The fund has AUM of $5.3 million and an expense ratio of 0.18%. (Read:2 new sector ETFs that soared in Q2). Invesco Dynamic Media ETF (PBS) The fund is based on the Dynamic Media Intellidex Index. There are currently 29 holdings in the basket of which Walt Disney represents 5.75% -- the third highest position. The fund has an AUM of $57.1 million and an expense ratio of 0.63%. It has a Zacks ETF Rank of #3 (Hold) and a Medium risk outlook (Read: Twitter Thrashed on Falling MAU: ETFs in Focus) Consumer Discretionary Select Sector SPDR Fund (XLY) The fund is based on the Consumer Discretionary Select Sector Index. There are currently 80 holdings in the fund and Walt Disney is in the third spot, representing 5.63%. The fund has AUM of $14.21 billion and an expense ratio of 0.13%. It has a Zacks ETF Rank of 2(Buy) and a Medium risk outlook. iShares US Consumer Services ETF(IYC) This fund is based on the Dow Jones U.S. Consumer Services Index. There are currently 160 holdings in the fund and Walt Disney is in the second spot representing 4.87%.The fund has an AUM of $904.4 million and an expense ratio of 0.44%It has a Zacks ETF Rank of #2 with a Medium risk outlook. Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>While this earnings season continues to show broad-based strength like the last couple of quarters, The Walt Disney Company (DIS) disappointed investors by missing on both the top and bottom lines. Earnings in Focus Earnings per share came in at $1.87, missing the Zacks Consensus Estimate by 10 cents but increasing from the year-ago earnings of $1.58. Revenues grew 7% year over year to $15.2 billion and fell short of the estimated $15.49 billion. Studio Entertainment is a major contributor to revenues, having grown 20% on the back of the huge success of Avengers: Infinity War and Incredibles 2 as well as continued strong performance of Black Panther and the Solo: A Star Wars Story. Revenues at Media Network, and Parks and Resorts increased 5% and 6%, respectively. Walt Disney Co. won the U.S. approval to buy Twenty-First Century Fox Inc(FOXA). entertainment assets for $71.3 billion on the condition that it sells Fox’s 22 regional sports networks, giving Disney an edge over Comcast Corp’s(CMCSA) competitive bid. This is being done to boost the Disney branded streaming service set to launch in late 2019.(Read: Disney- Comcast Battle for Fox’s Assets). Market Impact Following the earnings announcement, shares of Disney fell nearly 2% in aftermarket hours. The stock currently has a Zacks Rank #4 (Sell), indicating some pain in the near term. However, Disney has a top VGM Score of A and belongs to a top-ranked Zacks industry (top 29%). The rough trading could spread into the ETF world, especially funds having the largest holdings to this media and entertainment conglomerate. iShares Evolved U.S. Media and Entertainment ETF (IEME) The fund is actively managed and seeks to provide access to U.S. companies with media and entertainment exposure. The fund has 75 holdings and Walt Disney occupies the top position with 6.9% share. The fund has AUM of $5.3 million and an expense ratio of 0.18%. (Read:2 new sector ETFs that soared in Q2). Invesco Dynamic Media ETF (PBS) The fund is based on the Dynamic Media Intellidex Index. There are currently 29 holdings in the basket of which Walt Disney represents 5.75% -- the third highest position. The fund has an AUM of $57.1 million and an expense ratio of 0.63%. It has a Zacks ETF Rank of #3 (Hold) and a Medium risk outlook (Read: Twitter Thrashed on Falling MAU: ETFs in Focus) Consumer Discretionary Select Sector SPDR Fund (XLY) The fund is based on the Consumer Discretionary Select Sector Index. There are currently 80 holdings in the fund and Walt Disney is in the third spot, representing 5.63%. The fund has AUM of $14.21 billion and an expense ratio of 0.13%. It has a Zacks ETF Rank of 2(Buy) and a Medium risk outlook. iShares US Consumer Services ETF(IYC) This fund is based on the Dow Jones U.S. Consumer Services Index. There are currently 160 holdings in the fund and Walt Disney is in the second spot representing 4.87%.The fund has an AUM of $904.4 million and an expense ratio of 0.44%It has a Zacks ETF Rank of #2 with a Medium risk outlook. Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>While this earnings season continues to show broad-based strength like the last couple of quarters, The Walt Disney Company DIS disappointed investors by missing on both the top and bottom lines. Earnings in Focus Earnings per share came in at $1.87, missing the Zacks Consensus Estimate by 10 cents but increasing from the year-ago earnings of $1.58. Revenues grew 7% year over year to $15.2 billion and fell short of the estimated $15.49 billion. Studio Entertainment is a major contributor to revenues, having grown 20% on the back of the huge success of Avengers: Infinity War and Incredibles 2 as well as continued strong performance of Black Panther and the Solo: A Star Wars Story. Revenues at Media Network, and Parks and Resorts increased 5% and 6%, respectively. Walt Disney Co. won the U.S. approval to buy Twenty-First Century Fox IncFOXA. entertainment assets for $71.3 billion on the condition that it sells Fox’s 22 regional sports networks, giving Disney an edge over Comcast Corp’sCMCSA competitive bid. This is being done to boost the Disney branded streaming service set to launch in late 2019.(Read::Disney- Comcast Battle for Fox’s Assets). Market Impact Following the earnings announcement, shares of Disney fell nearly 2% in aftermarket hours. The stock currently has a Zacks Rank #4 (Sell), indicating some pain in the near term. However, Disney has a top VGM Score of A and belongs to a top-ranked Zacks industry (top 29%). The rough trading could spread into the ETF world, especially funds having the largest holdings to this media and entertainment conglomerate. iShares Evolved U.S. Media and Entertainment ETF IEME The fund is actively managed and seeks to provide access to U.S. companies with media and entertainment exposure. The fund has 75 holdings and Walt Disney occupies the top position with 6.9% share. The fund has AUM of $5.3 million and an expense ratio of 0.18%. (Read:2 new sector ETFs that soared in Q2).. Invesco Dynamic Media ETF PBS The fund is based on the Dynamic Media Intellidex Index. There are currently 29 holdings in the basket of which Walt Disney represents 5.75% -- the third highest position. The fund has an AUM of $57.1 million and an expense ratio of 0.63%. It has a Zacks ETF Rank of #3 (Hold) and a Medium risk outlook (Read: Twitter Thrashed on Falling MAU: ETFs in Focus) Consumer Discretionary Select Sector SPDR Fund XLY The fund is based on the Consumer Discretionary Select Sector Index. There are currently 80 holdings in the fund and Walt Disney is in the third spot, representing 5.63%. The fund has AUM of $14.21 billion and an expense ratio of 0.13%. It has a Zacks ETF Rank of 2(Buy) and a Medium risk outlook. iShares US Consumer Services ETFIYC This fund is based on the Dow Jones U.S. Consumer Services Index. There are currently 160 holdings in the fund and Walt Disney is in the second spot representing 4.87%.The fund has an AUM of $904.4 million and an expense ratio of 0.44%It has a Zacks ETF Rank of #2 with a Medium risk outlook. Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Walt Disney Company (DIS): Free Stock Analysis Report Comcast Corporation (CMCSA): Free Stock Analysis Report SPDR-CONS DISCR (XLY): ETF Research Reports PWRSH-DYN MEDIA (PBS): ETF Research Reports ISHARS-US CN CY (IYC): ETF Research Reports Twenty-First Century Fox, Inc. (FOXA): Free Stock Analysis Report ISHR-EUS MDA&ET (IEME): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report