The benchmark Standard & Poor’s 500 is down 2.3% in mid-day trading. The European Central Bank sent shivers through trading floors after it forecast continued weakness in the Eurozone. In addition, many investors fear that lawmakers in Washington will be unable to resolve the fiscal stalemate following an election that left power split between Democrats and Republicans. That’s put an anchor around most media stocks today, although the sector is holding up better than the overall market. The Dow Jones U.S. Media Index is off about 1.1%. Among Big Media, everyone’s down except for Time Warner (+3.1%) and News Corp (+0.5%) on the first trading day following their encouraging earnings releases for the quarter that ended in September. Viacom is off 1.9% followed by Comcast (-1.8%), CBS (-1.5%), Disney (-1.1%), and Sony (-0.5%). Elsewhere in media, AOL is down 6.4% — a slight pullback following yesterday’s 20.4% jump in response to upbeat earnings. Companies down at least 4% include New York Times, Barnes & Noble, and Sinclair Broadcasting. Those off at least 3% include Apple, Sirius XM, RealD, Dish Network, and Cablevision. The short list of gainers includes Best Buy (+4%) and Netflix (+2%).
Media Stocks Buffeted By Wall Street Downturn On Economic Fears
What's Hot on Deadline
'Thursday Night Football' Ratings Down From Thanksgiving 2016, Macy's Parade Steady, 'Young Sheldon' Up
Pete Hammond's Notes On The Season: 'Wonder' Makes Awards Play; 'Dunkirk' Storms The Q&A Circuit; Netflix Sends A Pig To Voters
Uma Thurman To Harvey Weinstein: "I'm Glad It's Going Slowly, You Don't Deserve A Bullet... Stay Tuned"
Latest Business News
- Time Responds To Donald Trump’s “Incorrect” Claims Of Turning Down Person Of The Year — Update
- YouTube Begins Purging “Non-Family Friendly” Content As Advertisers React
- Journalism Schools Rescind Awards Given To Charlie Rose In Wake Of Sexual Misconduct Accusations — Update
- Apple Investment In Original Video Will Reach $4.2 Billion By 2022: Report
- Exhibition Stocks Rise In Short Trading Session On Holiday Box Office Optimism
- Justin Goldberg’s Search For Long-Lost Twin Is Story Made For Hollywood