THR Showbiz 50 index at all-time low
CBS Corp., Walt Disney shares hit 52-week bottomsNEW YORK -- The Hollywood Reporter Showbiz 50 stock index hit an all-time low Thursday on another bleak day of financials.
Shares of CBS Corp. and Walt Disney found fresh 52-week bottoms during the trading day, while Time Warner and News Corp. were among those that came near their lows for the year.
The Showbiz 50 closed down 3.7% at 618.28 after going as low as 551.48 in intra-day trading Thursday. The day's low represents the index's lowest point since the launch of the Showbiz 50 in 2006.
In a broad market sell-off, the Dow fell 4.1% to its lowest close since April 1997. The broad-based S&P 500 index dropped 4.3%, and the Nasdaq lost 4%.
Setting a bearish tone early on were monthly same-store sales reports from retailers that were, with the exception of Wal-Mart, dreary.
Only six members of the THR Showbiz 50 index closed higher, led by TV station group Hearst-Argyle, which climbed 8.2% to $1.71, and video rental firm Blockbuster, which gained 3.8% to $0.49 after posting solid preliminary fourth-quarter results.
Decliners were led by radio group Cumulus Media (down 18.1%), Cox Radio (off 15.1%) and CBS Corp. Class B shares, which lost 13% to $3.37 after going as low as $3.32. Disney dipped 5.8% to $15.95 after falling as low as $15.85.