Market benchmarks are down more than 2% this afternoon — the biggest one-day drop so far this year — following the Labor Department’s report that the economy added 69,000 jobs in May, far fewer than economists expected. And media stocks are not immune. The Dow Jones U.S. Media Index is -1.9% while the SNL Kagan Media and Entertainment Index is -2.58%. Among Big Media in mid-afternoon trading, CBS (-4.5%) has been hardest hit followed by Sony (-4.4%), Viacom (-2.4%), Disney (-2.3%), Time Warner (-2.1%), News Corp (-2.1%), and Comcast (-1.0%). Biggest decliners in the broader media landscape are Pandora (-6.2%), Barnes & Noble (-5.8%), TiVo (-5.5%), and Facebook (-5.1%). Only a handful of companies are up including Outdoor Channel (+1.2%), Crown Media (+1.1%), and Martha Stewart Living Omnimedia (+1.0%),
By DAVID LIEBERMAN, Financial Editor | Friday June 1, 2012 @ 2:46pm EDTTags: Big Media, Stock Market
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This article was printed from http://www.deadline.com/2012/06/media-stocks-down-as-disappointing-jobs-report-chills-investors/