Entertainment Media Stocks Hammered
$TWX, $VIA, $CBS, $DIS, $SNE
Time Warner was down 3%, Viacom was down 4% and CBS dove 6%.
The Dow Jones Industrial Average dropped 666 points on Friday, and already suffering media stocks, with few exceptions, were hammered in the process.
Fully, 39 of the 50 stocks tracked in the sector, were down last Friday, including Disney, Comcast and 21st Century Fox.
Sony, (NYSE:SNE) which recently posted strong Quarterly earnings, especially in its entertainment division, was the only major media conglomerate to trade higher Friday, finishing + 6%.
Other exceptions Friday included Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN). Both of those new-media powerhouses recently reported good Quarterly earnings.
The stock market has been on a Bull Run since Donald Trump’s election to the Presidency, but media stocks have for the most part not participated in the run-up.
In Y 2017, the DJIA rose 25% while 36 of the 50 sector media stocks fell, with declines in part led by movie exhibition stocks.
Last Friday, though, some of those stocks bucked the downward trend, with Regal Entertainment, is being absorbed by Cineworld, Cinemark and Imax (NYSE:IMAX) each rising 1% on the day.
Have a terrific week.
Latest posts by Paul Ebeling (see all)
- Morning Briefing: Major World Equities Market Indexes - August 15, 2018
- Forex Major Pairs Morning Briefing - August 15, 2018
- The Street’s Key Stock Analysts Research Reports - August 15, 2018