As the Dow Jones average posted its biggest one-day gain in four years on Monday — rebounding from a six-day losing streak — media stocks appeared to lag behind the rest of the market, according to The Hollywood Reporter.
The Dow Jones Industrials average surged 619 points on the day, a gain of 4%, the report notes. The average closed at 16,285.5. The media bellwether Walt Disney, however, was up just 3%.
“Disney’s cautious comments about growth in its cable networks division on Aug. 4 have been blamed for a massive decline in the sector,” THR reports.
Other key media stocks also appear to have missed out on at least part of the resurgence, the report notes. Viacom was up less than 1% on the day, while 21st Century Fox ticked up 2%, with 3% gains posted by Comcast, Time Warner and CBS.
Sony defied the trend, posting a 5% gain, “perhaps because it doesn’t own cable channels, assets that some investors are fleeing from as competition from Internet streaming intensifies,” THR reports.
The report adds: “Probably for the same reason, shares of Netflix rose more than 8 percent on Wednesday, while YouTube parent Google rose 8 percent and online retailer and video streamer Amazon.com was up 7 percent.”
As of publication time for this story, the Dow Jones average was up 376.87 points, or 2.31%, to 16,662.38 in today’s trading as the broad market rebound appeared to be stretching into a second day.
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