Showbiz 50 companies' stocks mostly down
Blockbuster, DWA, Google, TiVo see biggest dropsA dismal second quarter on Wall Street reversed nearly all of the hard-fought gains made by entertainment stocks in the first quarter, so that now the majority of companies making up The Hollywood Reporter Showbiz 50 index are sitting on shares that are lower than they were six months ago.
After the first quarter, 43 of the Showbiz 50 stocks were higher on the year, but at the midyear point that ended Wednesday, just 23 remained higher.
No stock is more emblematic of the turn for the worse than Carmike Cinemas, which went from the biggest gainer after Q1 to the fifth-biggest loser at the midyear point. The movie exhibitor's stock was up 84% after the first three months of the year but is down 20% six months into the year.
In just the second quarter, the S&P 500 shed 11%, so it wasn't only entertainment stocks suffering.
On the year, Netflix is the biggest winner, its stock having risen 97%. Liberty Media, up 78%, is next, followed by Sirius XM Radio (up 58%), Sinclair Broadcast (up 45%) and Dolby Laboratories (up 31%).
Bringing up the rear is Blockbuster, down 64%. It is followed by DreamWorks Animation (down 28.5%), Google (down 28%) and TiVo (down 28%).
Like Carmike, TiVo is another example of a riches-to-rags story. At the end of the first quarter, it was up 68% and was the third best gainer on the Showbiz 50.