Just about every major media company lost ground in the market today. Traders became concerned that the Federal Reserve Board might change course and buy fewer bonds — something it has been doing to stimulate the economy — even though a report showed lower-than-expected private-sector job growth in May. Media stock indexes fell about 2%, while the Dow Jones Industrial Average and Standard & Poor’s 500 both slipped about 1.4%. Among Big Media companies, Sony took the biggest hit, falling 4.1%. It was followed by News Corp (-2.9%), Time Warner (-2.5%), Disney (-1.9%), CBS (-1.8%), Comcast (-1.8%), and Viacom (-1.5%). Other media companies taking big hits included McClatchy (-8%), Sinclair Broadcasting (-6%), Discovery Communications (–3.6%), Gannett (-3.6%), Barnes & Noble (-3.5%), RealD (-3.4%), Sirius XM (-3.2%), and National CineMedia (-3.1%). A few tech companies were up when the trading day closed. Their ranks included Amazon (+0.6%) and Google (+0.6%).
By DAVID LIEBERMAN, Financial Editor | Wednesday June 5, 2013 @ 5:40pm EDTTags: Disney, Sony, Stock Market
For all of Deadline's headlines, follow us @Deadline on Twitter.
This article was printed from http://www.deadline.com/2013/06/media-stock-prices-fall/