Media Stocks Hit By Investor Fears That Economic Stimulus Efforts Will Cool

Just about every major media company lost ground in the market today. Traders became concerned that the Federal Reserve Board might change course and buy fewer bonds — something it has been doing to stimulate the economy — even though a report showed lower-than-expected private-sector job growth in May. Media stock indexes fell about 2%, while the Dow Jones Industrial Average and Standard & Poor’s 500 both slipped about 1.4%. Among Big Media companies, Sony took the biggest  hit, falling 4.1%. It was followed by News Corp (-2.9%), Time Warner (-2.5%), Disney (-1.9%), CBS (-1.8%), Comcast (-1.8%), and Viacom (-1.5%). Other media companies taking big hits included McClatchy (-8%), Sinclair Broadcasting (-6%), Discovery Communications (–3.6%), Gannett (-3.6%), Barnes & Noble (-3.5%), RealD (-3.4%), Sirius XM (-3.2%), and National CineMedia (-3.1%). A few tech companies were up when the trading day closed. Their ranks included Amazon (+0.6%) and Google (+0.6%).

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