Wall Street’s roller coaster ride took another dive today — once again mostly due to concerns that China’s economy is weaker than many expected. The Dow Jones Industrial Average fell 2.8% and the S&P 500 dropped 2.9%s after an index of China’s manufacturing fell to a three year low.
Media company stocks joined in the joyless ride, with the Dow Jones U.S. Media Index dropping 2.3%. Still, most remained above the lows hit at a similar sell-off on August 24, followed by a slight upturn late last week. Netflix — which is eager to grow overseas — fell 8.6% today for a paper loss of nearly $4.6 billion in its market value.
Among Big Media companies, Sony was the biggest loser with U.S. shares -3.5%. It was followed by CBS -3.2%, Fox, -3.2%, Comcast -2.4%, Time Warner -2.3%, Disney -2.3%, Discovery -1.8%, and Viacom -1.4%.
Elsewhere in media we saw World Wrestling Entertainment -9.2%, AMC Entertainment -4.3%, Electronic Arts -4.2%, Apple -4.0%, AMC Networks -4.0%, and Imax -3.7%.
Only a few stocks on our watch list gained ground. They include Cablevision +2.0% with a spike in the last hour of trading, followed by RealD +1.1%, and India’s Eros International +0.7%. Cinedigm, a volatile lightly traded penny stock, touched a 52-week low of 51 cents before rebounding to end the day +2.3% at 58 cents.