Today was another tough day for media stocks and for the stock market as a whole. MediaPost reports that concerns about China and the domestic economy sent stocks sharply downward.
A number of media stocks were trading 3% to 5% lower during the day, the story reports.
Netflix struggled out of the gate, off 13% in early trading following Friday’s 9% plunge, according to the report, which notes: “Midday Monday trading had the subscription video-on-demand provider off 4.2% to $99.27.” Netflix then dipped further, down 6.5% at the close of trading.
Time Warner closed down 4.0%, with Walt Disney off 3.5%. Discovery Communications and 21st Century Fox both fell 3.3%, with CBS down 2.6%.
At the closing bell the Dow Jones Industrial Average was down 588.47 points, or 3.58% for the day. The S&P 500 was down 77.68 points, or 3.94%. The NASDAQ was down 179.79 points, or 3.82% for the day.