Cannes: Worldview Options Andrew Dominik’s Marilyn … 
UPFRONTS 2013: The Overachievers 
‘Star Trek Into Darkness’ On Track For $27M … 
‘Mike & Molly’ Creator Mark Roberts To … 
Carey Mulligan, Matthias Schoenaerts Set For … 
Hammond On Cannes: Weinstein Brings Out Stars For 2013 … 
Cannes: Fake Gunshots Interrupt Canal Plus Live Broadcast … 
‘The Great Gatsby’ Starts With $5.4M … 
Cannes: Music Box Acquires Competition’s … 
UPDATE: Amazon Studios Begins Pilot Pickups; … 
Bruce Rosenblum Bids Classy Goodbye 
RATINGS RAT RACE UPDATE: ‘American Idol’ Hits … 
UPDATE: ‘Iron Man 3′ Box Office Crosses $1B … 
Upfront Market: Will Auto Makers Subsidize TV … 
Cannes: Thief Makes Off With $1M+ In Chopard Jewelry Meant … 
‘Scandal’ Finale On Small Screen And Onstage At … 
‘Modern Family’ Gets Cable Makeover For Launch … 
Adam Sandler To Leno: “Maybe Go To Fox” 
Anyone Care Who Won ‘American Idol’? 
Syfy’s ‘Warehouse 13′ To End Run With … 
Specialty B.O. Preview: ‘The English Teacher’, … 
UPDATE, 1:30 PM: Fear that the economy may be headed back into recession seemed to grow in the last hour of trading. The Dow ended the day -4.3% at 11,383.68. It was the biggest single-day drop since Oct. 22, 2008 and took the Dow below where it was at the beginning of 2011. Similarly, the S&P 500 was -4.8% and NASDAQ was -5.1%.
Although most media companies remain well ahead of where they were a year ago, today’s losses still look ugly. CBS, down 9.3%, was the hardest-hit infotainment giant. Here’s how the other Big Guns fared: News Corp -6.7%, Sony -6.5%, Disney -5.6%, Time Warner -4.6%, Comcast -4.3%, and Viacom -3.4%.
Among other media companies, Comscore finished -38.3% and Westwood One was -13.2%. Sinclair Broadcasting and McClatchy each lost more than 9%. Cinedigm, Live Nation, TiVo, and Liberty Media fell at least 8%. And Yahoo, Best Buy, Barnes & Noble, The New York Times Company, Coinstar, and Dish Network lost at least 7%. Even World Wrestling Entertainment, which had been up earlier in the day, closed -1.4%.
The only company in the sector that gained ground today was Pandora Media. It ended +1.6% after Bank of America Merrill Lynch initiated coverage with a “buy” recommendation.
PREVIOUS, 11:52 AM: Investors are kicking the crap out of media and entertainment stocks today concerned about weak economic news from the U.S. and abroad. Among the big guns in mid-afternoon trading: CBS is -6.9%, Sony is -5.5%, News Corp is -5.2%, Disney is -4.4%, Time Warner and Viacom are both -3.5%, and Comcast is -3.4%. Comscore is the biggest media-industry loser: Its shares are -31.4% on the day after it reported a 2Q loss. Sinclair Broadcasting and Westwood One are off more than 8%, while Live Nation, The New York Times Company and TiVo are down more than 7%.
Only one company on our watch list is up today: World Wrestling Entertainment shares appreciated 1.8% after the company reported better than expected 2Q earnings.
With about an hour left in the trading day, the most common barometers for the overall market — the Dow Jones Industrial Average and Standard & Poor’s 500 — are -3.2%, while NASDAQ is -3.4%.
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Thanks, Tea Party! Maybe this will bring us closer to end times, just like you wanted!
It’s not the Tea Party Yo Yo, it is your big spending, record debt making fool of a president. He’s weak…stop whining.
It has nothing to do with debt, either. It’s all about consumer spending. Seventy percent of our economy depends on it. With unemployment increasing and people spending less, earnings go down and the stock market tanks.
The tried and true way to put people back to work is government spending. Put money into corporate hands and they’ll just reward themselves or invest overseas. We need a massive jobs program in this country.
If government spending put people back to work we would have a 1% unemployment rate…
Yeah, because the Bailout glut put SO many people back to work, huh? Remember when they promised us unemployment would go over 8% UNLESS we passed the bailout? Yeah, how’s that working out for ya?
SD just hit the nail on the head.
Those bailouts had nothing to do with job creation. I’m talking about real government investing in small business, construction, etc., like they did post-WWII, which created the greatest economic expansion this country has ever known.
Actually thank the Democrats, who’ve a had a a majority in Congress for most of the last century, and have increased our debt to historic highs. The major credit agencies didn’t downgrade our credit rating, but they aren’t trustworthy as they also gave good ratings to the subprime mortgages. Most investors see through our Triple A rating, and realize that despite our debt deal, over the next decade, our debt will still increase by about $10 trillion. Pretty soon we’ll wish we were Greece.
Tea Party? More has to do with no jobs, and the EU possibly breaking up.
With no consumer confidence in this government (just look at the recent debt-ceiling debacle)… you can’t expect consumers to go out there and spend. Same deal with corporations and small business owners with hiring! And I trust the private sector more with job creation than the government. What have they achieved in jobs creation with their stimulus spending? Let’s assign the blame where it should lay. The bloated unions and unchecked entitlement programs are what’s making us non-competitive in this global stage. Just look at Europe i.e. Greece, Portugal, Italy, Spain, Iceland, Ireland… Facts are facts. Let’s not see partition lines when dealing with the hard truth — so that we can begin the necessary work to fix OUR country.
Would you people SHUT UP!!!!
The above comments demonstrate why we are where we are. Nobody knows why we’re here, where we’re going, what to do about it or who we want to do it. But one thing we can all count on – it’s going to get worse before it gets better.
If tax breaks for “job creators” and corporate welfare worked, unemployment would be at 1%.
It takes a mix of taxing the people who are just taking the profits and not reinvesting them, and SMART government spending on things like infrastructure jobs, to boost the economy– which will also help start the process of lowering the debt.
One without the other is useless. If the rich want to reinvest their profits into their business, then I say don’t tax that money. If they want to keep them as profits, then raise them back to 36%
They benefitted from a country that takes care of its people (so they can continue to be consumers, not homeless) and the infrastructure of this country, so they should have to put back some of those profits back into that system (especially if they’re hoarding the cash, or investing overseas– that’s not being a job creator).
If we don’t start seeing that it takes a little of both ideologies, and it can’t always be your way or the highway, then soon we’ll have no highways left at all.
Don’t let Fox or MSNBC tell you what team to root for. Think for yourselves and realize we’re all on the same team.
GREED!
The tax system needs a complete overhaul. People who make above $1 million and above $5 million should be taxed at 45% and 50% respectively.
Instead, we let these people make more money than God while Head Start and other necessary gov’t programs get cut, while pouring billions into wars and destroying the middle class.
It’s fucking pathetic. All in the name of the “American Dream.”
No more tax breaks to huge corporations as they give handjobs to senators.
The gov’t should invest in a New Deal style jobs initiative regarding clean energy.
Fuck the rich, man. They’re NOT fighting our wars, they’re NOT struggling to make ends meet, they’re deciding which $75,000 car to buy for their spoiled daughter while daddy pays $10,000/night for a hooker on the side.
When the dollar collapses and unemployment hits 25%, people will be in the streets like Greece. Watch it happen. It ain’t far off.