If a rising tide raises all boats, then here’s what happens when the water level drops: Media company stocks are among the big losers as the Standard & Poor’s 500 endured its fifth straight day of decline, the longest such stretch since 2013. Big funds are moving out of stocks as oil prices continue to drop — crude fell below $48 a barrel today, down from more than $100 in mid-2014 — and fears spread that debt-strapped Greece might drop out of the Eurozone. Widely followed bond trader Bill Gross added to investor anxiety, saying in an outlook for 2015 that “the good times are over,” with most assets headed for big losses.
The Dow Jones U.S. Media Index has fallen 5.1% since Wednesday, ahead of the S&P’s 3.8% decline. Carmike, TiVo and Pandora hit 52-week lows today, and all Big Media companies lost ground. Discovery (down 3.3%) led the pack, followed by Viacom (2%), CBS (2%), Comcast (1.3%), Fox (1.2%), Time Warner (1.1%), Disney (0.5%) and Sony (0.1%).
Media companies falling 3% or more today included E.W. Scripps (3.7%), Tribune Media (3.4%), New York Times (3.3%) and McClatchy (3.1%).
The handful of companies seeing upticks included Twitter, which was up 6.5% after former Yahoo CEO Ross Levinsohn said he thought the social media company should buy Yahoo. Also up were AOL (3.4%), Outerwall (2.5%) and Alibaba Group (2.3%).