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Big Media Stocks Up In Early 2010

Shares of sector conglomerates are up across the board for the first three months of 2010, except for a minimal decline at CBS Corp., and most outperformed the broad-based S&P 500 stock index. Plus, most sector biggies have set new 52-week highs since mid-March, many in recent days. Since March 2009, the one-year returns for conglomerate stocks range from 79% for Time Warner to 269% for CBS Corp., according to Bloomberg.

But some on Wall Street caution that big sector stocks will have a tougher time continuing their upward momentum from here amid sector stocks' run-up and expectations that the U.S. economy will only improve slowly. While media biggies extended their run-up in the opening quarter of 2010 with gains ranging from the 6.8% for News Corp. to 32.1% for Sony Corp. (excluding CBS' 0.8% decline), the broader-based S&P 500 stock index edged up only 4.9%. Disney remained the Hollywood powerhouse with the biggest market capitalization at $67.7 billion.

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