This was the worst trading day so far in 2012 — the fifth consecutive day that the market was down, and the third time in the last four trading days that the Dow Jones Industrial Average fell by triple digits. The Dow’s nearly 214 point drop amounts to 1.7%, while the Dow Jones U.S. Media Index fell 2.2%. Analysts attribute the slide to nagging concerns that the European debt crisis could spin out of control, and that upcoming corporate Q1 earnings reports will fail to impress. Sony was hardest hit among the Big Media companies we track: It was -9.3% after reporting that its loss for the fiscal year that just ended will be far bigger than it had projected. After that came CBS (-3.8%), Disney (2.7%), Comcast (-2.3%), News Corp (-1.9%), Time Warner (-1.7%), and Viacom (-1.1%). Media companies down more than 5% include Pandora, AOL, Best Buy, and New Frontier Media. Those falling at least 4% include Sirius XM, Netflix, Imax, Rovi, Cinedigm, Sinclair Broadcasting, and LIN TV. Only a few stocks were up: Outdoor Channel Holdings and World Wrestling Entertainment both gained less than 1%.
Media Stocks Suffer Amid Ongoing Fears About Europe's Debt And Q1 Earnings
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