Inflation Fears Abound, Media Stocks Drop

Interest rate and inflation fears hit media stocks -- and the entire stock market -- hard in early Wednesday trading. The Dow Jones Industrials Index was down almost 1.5% -- about 400 points -- to around 26,050 early in the day.

Big media technology stocks sank, including Roku, off 9.5% to $58.41; Twitter losing 7.6% to $27.04; Netflix dropping 6.4% to $332.82; Amazon down 3.3% to $1,808; Google giving back 2.4% to $1,111; and Facebook losing 2% to $154.66.

Traditional media companies did somewhat better: Nexstar Media Group was down 1.6% to $78.50, while Walt Disney sank 1.2% to $115.51; Charter Communications fell 1.1% to $319.09, and Tribune Media dropped 0.8% to $37.97.

Others were seemingly unaffected. CBS slipped 0.5% to $57.11, while Dish Network was down 0.4% to $34.05; AMC Networks was also off 0.4% to $19.53; 21st Century Fox dropped 0.4% to $45.34; and Sinclair Broadcast Group fell 0.03% to $29.21.

A few media companies were in the plus column: Discovery added 1.5% to $32.84; AT&T was up 1% to $33.85; Verizon Communications was also up 1% to $55.48; and Viacom inched up 0.5% to $32.97.

Next story loading loading..