Media companies are trading below the Dow Jones average at post time. From Gina Keating of Reuters:
”The Reuters/University of Michigan Surveys showed a sharp fall in consumer confidence in early November. The gauge of consumer sentiment fell to 75.0 from October’s result of 80.9, well below analysts’ expectations.
”SMH Capital analyst David Miller said concerns about softness in advertising markets may be spilling over onto big media companies, even though most reported strong sales and outlooks last quarter.
”’Anything that is exposed to advertising in general is really getting hurt here… because advertising is a discretionary expense,’ Miller said.”
Time Warner, which just announced this week that Jeff Bewkes would replace Dick Parsons at years end, traded at its 52-week low today, down 36 cents or about 1.1% at 3 p.m. trading at $17.35. Shares of CBS, the first major media company to send threatening breach of contract letters to showrunners, were down 35 cents or about 1.28% at 3 p.m. trading at $26,95. NewsCorp is down 16 cents or about 0.62% at 3 p.m. trading at $22.41.
Bucking the trend is The New York Times Company, up 49 cents or about 2.68% at 3 p.m. trading at $18.81.
(image via clipart)