Media Stocks Swoon As Wall Street Frets Over Factory Activity And Ebola

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CBS, Discovery, Liberty Media and Viacom shares touched 52-week lows today as the fourth quarter began with a thud on Wall Street. Investors were glum over a weaker-than-expected report of factory activity in September and concerns that yesterday’s first reported case of ebola in the U.S. would keep many people from flying. The benchmark Dow Jones Industrial Average fell 1.4%, while the Standard & Poor’s 500 dropped 1.3% and tech-heavy NASDAQ slipped 1.6%. Media stocks also were grounded, with the Dow Jones U.S. Media Index -1.6% to its lowest point since early August. Discovery was hardest hit among Big Media, with shares -3.9%. It was followed by Viacom (-2.2%), Time Warner (-2%), Fox (-1.7%), Disney (-1.7%), Comcast (-1.6%), Sony (-1.5%), and CBS (-1.3%).

Others in media and entertainment that lost ground include SFX Entertaiment (-7.1%), Cinemark (-4.4%), Tribune Media (-4.2%), Pandora (-3.9%), Crown Media (-3.4%), AOL (-3.3%), Carmike (-3.3%), IMAX (-3.2%), Cinedigm (-3.2%), AMC Networks (-3.2%), and Facebook (-3.2%).

Only a few media company shares improved today, led by a wide margin by the New York Times. Its shares leaped 9.6% after it said that it will cut 100 newsroom jobs.

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