Just about every major media company lost ground in the market today. Traders became concerned that the Federal Reserve Board might change course and buy fewer bonds — something it has been doing to stimulate the economy — even though a report showed lower-than-expected private-sector job growth in May. Media stock indexes fell about 2%, while the Dow Jones Industrial Average and Standard & Poor’s 500 both slipped about 1.4%. Among Big Media companies, Sony took the biggest hit, falling 4.1%. It was followed by News Corp (-2.9%), Time Warner (-2.5%), Disney (-1.9%), CBS (-1.8%), Comcast (-1.8%), and Viacom (-1.5%). Other media companies taking big hits included McClatchy (-8%), Sinclair Broadcasting (-6%), Discovery Communications (–3.6%), Gannett (-3.6%), Barnes & Noble (-3.5%), RealD (-3.4%), Sirius XM (-3.2%), and National CineMedia (-3.1%). A few tech companies were up when the trading day closed. Their ranks included Amazon (+0.6%) and Google (+0.6%).
Media Stocks Hit By Investor Fears That Economic Stimulus Efforts Will Cool
What's Hot on Deadline
Telluride Announces Slate As Fest Helps Launch Awards Season With Keaton, Streep, Winslet, Mara & More