Mostly down Q1 for media
Some congloms up; music hurtingIt was a tough first quarter for sector stocks, with many media and entertainment names falling as part of a broader stock market decline and in the absence of major growth catalysts.
However, there also were standouts that moved higher, including conglomerates Sony Corp., News Corp., the Walt Disney Co. and Liberty Capital as well as cable operator Cablevision Systems and satellite TV firm EchoStar Communications.
Music stocks, meanwhile, were in free fall early this year as sector watchers expressed doubts about digital music sales' ability to make up for declining album sales and concerns about weak release schedules.
Among entertainment sector biggies, American depository shares of Sony Corp. were the strongest gainer in the first quarter, ending up 18.1% at $50.49.