UPDATE: Within minutes of Friday’s stock market opening, the major indices shot up like rockets. Credit goes to lots of federal government intervention overnight — the biggest since the 1930s — to rescue drowning financials. (It’s been hilarious listening to all the CNBC hosts bicker about whether this was necessary or not.) But, of the 799 financial stocks put on the do-not-short list, General Electric, parent company of NBC Universal, isn’t one of them. Yes, GE is a diversified conglomerate. But it was hammered like a financial stock (because of GE Capital) until yesterday and today when the feds cracked down on naked short-selling. Given the massive run-up of the market today, all the showbiz shares rose appreciably except for CBS which was flat. But it’s doubtful that Big Media will ever return to levels enabling Hollywood execs to exercise stock options which have been underwater for years. Investors don’t believe the infotainment CEOs know their asses from their assholes, so showbiz isn’t considered a smart stock play anymore. But I don’t want to be a downer. It was a great day!
GE (NBC Universal) rose $1.83 (+7.38%) to $26.62
Disney rose $.95 (+2.84%) to $34.39
News Corp (Fox) rose $.69 (+5.29%) to $13.73
Time Warner rose $.60 (+4.30%) to $14.55
Viacom rose $.96 (+3.70%) to $26.90
Sony Corp rose $.86 (+2.71%) to $32.63
CBS rose $.01 (+.06%) to $15.69
DreamWorks Animation rose $1.30 (+4.33%) to $31.30
Marvel Entertainment rose $.35 (+1.81%) $36.35
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