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
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