Barring a last-minute turnaround, this could be the worst day for U.S. stock exchanges since November. The U.S. Media Index is -1.7% in mid-afternoon trading, worse than the Dow Jones Industrial Average and Standard and Poor’s 500, both -1.5%. Buyers are concerned that Greece may default on its debt if private investors fail to approve terms of a restructuring deal. On top of that, today saw weaker than expected economic reports from Brazil and China. Among Big Media companies, CBS was hardest hit (-3.3%) followed by News Corp (-2.6%), Viacom (-2.4%), Sony (-2.3%), Disney (-1.9%), Time Warner (-1.9%), and Comcast (-1.1%). Media companies down 4% or more include Imax, AOL, Martha Stewart Living Omnimedia, and Netflix. Only one meaningful media company seemed positioned to possibly record a gain today: Dish Network hovered around +0.03%.
Media Stocks Down As Fear Of Global Economic Downturn Spreads
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