Happy Monday now just a sad memory
Despite drop, media stocks outperform broader marketsRemember that historic 936-point rise Monday?
Wednesday's 733-point plunge on the Dow, coupled with a 77-point drop the day before, put the index at about where it was a week ago. Not a good place, considering Oct. 9 was the worst day of the worst week in the history of the Dow Jones industrial average.
The only consolation for media is that, on the whole, it outperformed the broader markets. The Hollywood Reporter Showbiz 50 sank 7.8% Wednesday, while the Dow was down 7.9%, the Nasdaq lost 8.5% and the S&P 500 dropped 9%.
Big Media, though, suffered worse: News Corp. dropped 12.3%, Time Warner was down 10.6%, Sony dumped 10.6%, CBS was down 9.6%, and Disney was off 9%. Only Viacom did better than the indices, dropping just 6.7%.
Only two stocks from the Showbiz 50 were higher Wednesday: Hearst-Argyle Television rose 2.2%, and E.W. Scripps was up fractionally. The biggest losers were Crown Media (19.7%), Cumulus Media (16.5%) and Comcast (14.9%).
Entertainment stocks hitting a 52-week low Wednesday included Radio One, Amazon.com, Blockbuster, Charter Communications and Yahoo.