The tech-heavy NASDAQ fell 2.6% today, apparently reflecting fears that many companies — after soaring in 2013 — will report disappointing info on Q1 sales. The concern has been building: Netflix, for example, is down 25.7% over the past month. But it seemed to spread today, and soured the rest of the market with the Standard & Poor’s 500 -1.3% and the Dow Jones U.S. Media Index -1.7%. Viacom, down 2.8%, was the hardest hit Big Media company followed by Fox (-2.6%), Comcast (-1.8%), CBS (-1.7%), Disney (-1.5%), Discovery (-0.8%), Time Warner (-0.4%), and Sony (-0.3%). News Corp was the only gainer in the group, rising 0.1%. In the broader media universe, Barnes & Noble fell 5.4% — for an 18% drop in the two days since Liberty Media said it will sell 90% of its holdings in the book retailer. Tech-oriented media companies followed including Netflix (-4.9%), Pandora (-4.9%), Google (-4.7%), Facebook (-4.6%), Yahoo (-4.2%), RealD (-4%), and Amazon (-3.2%). Only a few media stocks appreciated. They include Madison Square Garden (+0.4%), which sold its Fuse TV network, and Scripps Networks (+0.5%) after Wunderlich Securities’ Matthew Harrigan changed his recommendation to “buy” from “hold.”
Media Stocks Pulled Down As Investors Unload Tech Holdings
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