The trading day ended with a thud. The benchmark Standard & Poor’s 500 wound up -2.1% as word spread that Germany might balk at a proposal to help bail out debt-laden members of the European Union including Greece and Portugal. That affected media stocks; the Dow Jones U.S. Media Index fell 3%. Disney was the hardest hit among the Big Guns, with shares off 3.2%. It was followed by News Corp (-3.1%), CBS (-3%), Comcast (-2.9%), Time Warner (-2.7%), Viacom (-2.3%), and Sony (-2.1%). Newspaper companies were big losers led by McClatchy (-10%), New York Times (-7.3%), E.W. Scripps (-6.5%), and Gannett (-6.3%). But others weren’t far behind: Cablevision (-6.1%) hit a 52-week low. The losers list also included Crown Media (-6.6%), AOL (-5.9%), DirecTV (-4.7%), Live Nation (-4.4%), Barnes & Noble (-4.3%), TiVo (-4.2%), Sirius XM (-4.2%) and Dish Network (-4.2%). Today’s few gainers were led by Coinstar, up 7.8% on a report that its Redbox unit will team up with Verizon to offer an online video service. Martha Stewart Living Omnimedia was up 1.7% the day after J.C. Penney said it bought 16.6% of the company. And Madison Square Garden was up 1.7%, hitting a 52-week high, after Morgan Stanley’s Benjamin Swinburne changed his recommendation to “overweight” from “underweight” following the resolution of the NBA lockout.
Media Stocks Caught In Downdraft As Fears Of European Default Grow
What's Hot on Deadline
Bill O'Reilly To Matt Lauer On His Firing From Fox News & Sexual Harassment Claims: "This Was A Hit Job"
Tucker Carlson Blasts Emmys; Calls It A "Remarkable Triumph Of Identity Politics Over Art & Entertainment"
Latest Film News
- ‘Fall In Love’: Will This Virtual Reality Program Make You Fall In Love?
- Oscars: France Enters Robin Campillo’s ‘BPM’ In Foreign Language Race
- CAA Signs TIFF Rising Star Jessie Buckley; Primary Wave Signs ‘Human Traces’ Vinnie Bennett
- David Tennant & Elisabeth Moss’ ‘Mad To Be Normal’ Headed To Samuel Goldwyn Films
- ‘Star Wars’ Will Receive Promotional Help From Tie-Ins With Six Major Brands
- ‘Kingsman: The Golden Circle’ Review: Suave British Spies Are Back & The Wacko Formula Still Works For Fans