Media stocks are rocked again
Several companies hit 52-week lows as THR Showbiz 50 tumblesAnother dive on Wall Street Wednesday had The Hollywood Reporter Showbiz 50 trading at a historic low before the index of entertainment stocks made a light recovery into the closing bell.
The Showbiz 50, created almost three years ago, closed 3.4% lower on Wednesday to 735.28. Its all-time low of 725.49 was set Oct. 10.
The Dow shed 514.45 points Wednesday, or 5.7%, while the S&P 500 was down 6.1%.
Stocks are, of course, having a dismal month, with the Dow off an astonishing 21.5% and the Showbiz 50 down 18.3%.
On Wednesday, only three stocks among the Showbiz 50 closed higher: Blockbuster, Apple and Yahoo.
Apple and Yahoo rose despite them both offering up lackluster revenue and profit guidance a day earlier, suggesting that traders have already baked such concerns into at least some stock prices.
The biggest Showbiz 50 losers Wednesday were National CineMedia (down 15.4%), British Sky Broadcasting (14.6%), Sirius XM Radio (12.6%) and Warner Music Group (11.2%).
The conglomerates fared slightly better, with CBS down 10.5%, Disney off 8.9%, News Corp. down 8.2%, Sony off 7.7%, Time Warner down 7.3% and Viacom off 5.4%.
Hitting 52-week lows on Wednesday were Midway Games, National CineMedia, Sirius XM and Warner Music. (partialdiff)