Media Stocks Sharply Down Amidst Rising Concerns Over Coronavirus

Media stocks were slammed  -- as well as all major U.S. stock market indices -- on Monday morning as coronavirus concerns heightened.

The Dow Jones Industrials was down a massive 900 points at one point -- 3% -- to 28,191. The S&P 500 sank 2.5% to 3,253, while the Nasdaq was off 2.9% to 9,299.

Walt Disney was down 3.8% to $133.71, while ViacomCBS lost 4% to $27.13 and Sinclair Broadcast Group fell 5% to $27.47.

In digital media, Google gave up 3.7% to $1,430, while Facebook was off 3.6% to $202.64, Amazon was down 3.5% to $2,022, Netflix sank 3.4% to $367.48, Apple was off 3% to $303.53, and Roku went backwards 3.6% to $115.09.

Advertising technology stocks were also hurt, with the Trade Desk down 6% to $283.95, Telaria off 3.5% to $13.14, Rubicon Project losing 3% to $12.22, and Tremor International falling 4.6% to 196.50 British Sterling.



Media agencies were not spared. The Dow Jones U.S. Media Agencies Index sank 2.8% to 568.30, with the Dow Jones U.S. Media Index losing 2.2% to 1,035.

Among the better-performing companies, Charter Communications slipped 0.3% to $533.67, while Comcast Corp. was down 1.5% to $45.09 and Nielsen Holdings fell 1.9% to $21.44.

Analysts are concerned that the rise in cases of coronavirus, which is now spreading outside China to Iran, Italy, and South Korea, will hurt economic growth.

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