Media stocks fall with rest of market, though a few outperform
The collapse of the stock market these past two trading sessions has nothing, mercifully, to do with falling ad pages or declining digital ad prices. It’s all about China, falling oil prices and the fear that slowing economic growth will lead to recession in Europe and elsewhere.
So, having said that, one would expect media stocks to have not been at the center of today’s market losses – and for the most part media stocks fell in line with the market. At the closing bell the Dow Jones Industrial Average stood at 15,871.28, down 588.47, or 3.58 percent.
Here are some of the results. The list is hardly complete, and for the most part I left out some that are really tech, though Amazon is here (and it got hit the hardest), as well as Adobe:
|Arnoldo Mondadori Editore||0.90 EUR||–0.038||–4.07%|
|Axel Springer SE||50.45 EUR||–2.14||–4.07|
|DISH Network Corporation||$58.23||–2.72||–4.46%|
|Modern Times Group||215.00 SEK||–7.10||–3.20%|
|The New York Times Co.||$11.69||–0.57||–4.65%|
|Twenty-First Century Fox||$26.66||–1.28||–4.58%|
|John Wiley & Sons||$48.71||–1.65||–3.28%|