CBS, Discovery, Viacom, News Corp, AMC Networks, Liberty Media, and Pandora are among the companies that hit 52-week lows today as the Dow Jones U.S. Media Index returned to negative territory for 2014, falling 1% to its lowest point since May. The Dow Jones Industrial Average fell 0.7% to 16,544.1, also slightly below where it started the year, after it experienced its biggest one-day drop of the year on Thursday. Investors remain concerned about several trends including the economic slowdown in Europe and China. Tech stocks were especially hard hit today after Microchip Technology said it had a weak September which could indicate “another industry correction.”
Disney was the only Big Media company that moved up today, rising 0.7%. Viacom slipped 2.3% followed by Fox (-2.1%), Discovery (-2.0%), CBS (-1.6%), Comcast (-1.3%), Time Warner (-0.4%), and Sony (-0.4%).
In the broader media universe, DreamWorks Animation dropped 9.2% followed by Twitter (-8.8%), Pandora (-7.9%), Activision Blizzard (-6.8%), Rovi (-5.2%), Sinclair Broadcast Group (-4.9%), AOL (-4.7%), Microsoft (-4.0%), Facebiij (-4.0%), Live Nation (-3.9%), Yahoo (-3.7%), and Sirius XM (-3.4%). The few gainers included Cinedigm (+6.2%), Martha Stewart Living Omnimedia (+2.8%), and Carmike Cinemas (+2.5%).
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