Stocks continued their 2016 dive today, resulting in declines for the vast majority of the media stocks we watch and dragging more than a dozen to touch 52-week lows during the day.
Companies in that benighted category include leading exhibition chains Regal Entertainment (-0.6%), AMC Entertainment (-2.9%), and Cinemark (-1.5%). Others hitting one-year lows included Cinedigm (-4.5%), Pandora Media (-4.6%), Barnes & Noble (-4.1%), Outerwall (-3.9%), Dish Network (-3.5%), Lionsgate (-3.4%), TiVo (-3.2%), Tribune Media (-3.1%), Liberty Interactive (-2.4%), IAC/InterActiveCorp (-1.7%), and Madison Square Garden (-0.8%).
The Standard & Poor’s 500 dropped 2.2% as oil prices fell below $30 a barrel, the Shanghai Composite Index dropped 3.6%, and investors questioned the Federal Reserve’s resolve to raise interest rates.
That contributed to a 2.9% drop in the Dow Jones U.S. Media Index to its lowest level since October 2014. It’s off 6.7% so far this month.
Disney, the subject of a stock downgrade, was hardest hit among Big Media companies, falling 5.3%. It was followed by Sony (-3.9%), Viacom (-3.8%), Comcast (-2.1%), CBS (-1.8%), Fox (-1.7%), Discovery (-1.6%), and Time Warner (-1.3%).
Others losing ground today include Twitter (-5.6%), Charter Communications (-4.3%), Microsoft (-4.0%), Yahoo (-3.9%), and Amazon (-3.9%).
The only companies on our list that improved their position were Best Buy (+2.6%, recovering after hitting a 52-week low), Electronic Arts (+2.5%), and RealD (+2.1%).