U.S. Stocks Get Hammered, Some Big Media Cos. Lose Less
The big stock market indices lost ground on Thursday due to nagging problems in Europe, and iffy U.S. economic data. But many big media companies lost less.
CBS, Time Warner, Discovery Communications and Walt Disney Corp. all fared somewhat better than the 2% drop the Dow Jones Industrial endured. It lost 251 points to settle at 12,574.
CBS, always a bellweather stock when it comes to judging the health of the TV advertising business, slipped 0.9% to $31.74 a share. Disney was lowered at about the same -- 0.7% to $47.40. Discovery Communications just slipped 0.1% to land at $52.48.
Time Warner actually grew 0.4% to $37.27. Lions Gate, which had been hammered a bit in recent months, was also up, 0.5% to $14.86 on Thursday. Overall, the Dow Jones U.S. Broadcasting & Entertainment Index gave up 1.2%, to stop at 566.22 on the day.
But there were still some big losers. Sony Corp. and DreamWorks each lost 3%, down to a $13.55 and $17.68 a share, respectively. Scripps Networks Interactive went south 2.3% to $55.65.
Three other major media companies fell in the middle of the big and smaller losers: Comcast was down 1.7% to $30.67; News Corp lost 1.6% to $20.16; and Viacom gave back 1.2% to $52.72.