UPDATE: Infotainment companies breathed a sigh of relief today as their stocks rallied when market indexes finished Thursday way, way up (Dow +410, S&P +50, NASDAQ +100). Now let’s see if it’s sustainable and if CBS, Disney, Viacom, News Corp and others dependent on advertising revenue can start worrying less. Today’s jump was aided by the SEC rules on naked short-selling that went into effect today and a similar crackdown announced in London. Investors also gave a big thumbs-up to a prpoposal being floated by the federal government to create a Resolution Trust Corp-type entity to take all that toxic debt off financial balance sheets. If implemented, this would ease the current credit crisis and affect Big Media in a very positive way, especially pure-play movie studios. Film financing to help them minimize risk might be reborn. But I’m getting ahead of myself. Let’s take this one day at a time.
GE (NBC Universal) rose $1.71 (+7.41%) to $24.79
Disney rose $1.25 (+3.88%) to $33.44
News Corp (Fox) rose $.54 (+4.23%) to $13.32
Time Warner rose $.21 (+1.53%) to $13.95
Viacom rose $1.42 (+5.79%) to $25.94
Sony Corp fell $.23 (-.72%) to $31.77 because the Nikkei index got hammered.
CBS rose $.63 (+4.19%) to $15.68
DreamWorks Animation rose $1.14 (+3.95%) to $30.00
Marvel Entertainment rose $1.81 (+5.29%) $36.00