Media stocks miss Tuesday rebound ride
EmptyDuring Monday's historically bad day on Wall Street, entertainment stocks fell harder than the rest of the market. During Tuesday's powerful rebound, entertainment lagged again.
The Dow, after plunging 778 points in its worst one-day performance ever, gained 485 points Tuesday, a 4.7% jump. The S&P 500 was up 5.4%, but The Hollywood Reporter Showbiz 50 gained 2.3%
The worst Showbiz 50 performer Tuesday, dropping 18%, was Carmike Cinemas. It was the best performer a day earlier when it jumped 23%.
But the biggest drag on the Showbiz 50, because of its huge market cap, was Google, which shed $40.20, or 11%, on Tuesday to $341.39 after taking a 12% pounding Monday.
Google's price, though, was called into question late Tuesday when the Nasdaq said it will cancel trades that were executed in the final minutes when shares took a sudden, mysterious plunge.
Nasdaq said it will reset Google's closing price to $400.52. Fixing Google's price ought to ensure that the Showbiz 50 won't again lag the broader markets when stocks trade today.
Significant gainers Tuesday included IAC/InterActiveCorp (up 16%), DirecTV (11%), Activision Blizzard (9%), Grupo Televisa (9%) and Comcast (8%).