Viacom and CBS Lead Entertainment Stocks Lower
A swoon on Wall Street might have dented the pocketbook of Sumner Redstone more than other media moguls on Monday.
The S&P dipped 2.3 percent and, of the seven major media conglomerates, only Time Warner, which dropped 2.1 percent, beat the averages.
The biggest drops were at CBS (down 4.1 percent) and Viacom (down 4 percent). Redstone is majority shareholder and executive chairman at both companies.
Monday's dip left Viacom with a market capitalization of $35.1 billion and CBS with a market cap of $33.8 billion.
The third worst performing stock among the conglomerates Monday was Walt Disney, which fell 3.6 percent, leaving the company with a market cap of $123 billion. Next was Sony, which fell 3.2 percent to a market cap of $15.89 billion.
Comcast fell 3.1 percent and by the end of trading Monday sported a market cap of $140 billion, the largest of all the conglomerates.
Shares of 21st Century Fox fell 3 percent, leaving the company with a market cap of $70.5 billion and Time Warner's fall left it with a market cap of $55.7 billion.
There were several theories floated Monday as contributing factors to weakness on Wall Street, one being that stocks were due for a correction after a strong 2013. Also, the Federal Reserve signaled a month ago it would be less aggressive with its bond-purchasing program and some also pointed to worrisome currency trading in Brazil, Thailand, Turkey and other nations. Still others fretted over weak quarterly earnings from the likes of Wal-Mart, Amazon.com and McDonald's.