Media Stocks Caught In Downdraft As Fears Of European Default Grow

The buying and selling day ended having a thud. The benchmark Standard & Poor’s 500 ended up-2.1% as word spread that Germany might balk in a proposal to assist bail out debt-laden people from the Eu including A holiday in greece and Portugal.That affected media stocks the Dow Johnson U.S. Media Index fell 3%. Disney was the toughest hit one of the Large Guns, with shares off 3.2%. It had been then News Corp (-3.1%), CBS (-3%), Comcast (-2.9%), Time Warner (-2.7%), Viacom (-2.3%), and The new sony (-2.1%). Newspaper companies were large nonwinners brought by McClatchy (-10%), NY Occasions (-7.3%), E.W. Scripps (-6.5%), and Gannett (-6.3%). But others weren’t far behind: Cablevision (-6.1%) hit a 52-week low. The nonwinners list also incorporated Crown Media (-6.6%), America online (-5.9%), DirecTV (-4.7%), Live Nation (-4.4%), Barnes & Noble (-4.3%), TiVo (-4.2%), Sirius XM (-4.2%) and Dish Network (-4.2%). Today’s couple of gainers were brought by Coinstar, up 7.8% on the are convinced that its Redbox unit will synergy with Verizon to provide a web-based video service.Martha Stewart Living Omnimedia was up 1.7% the next day of J.C. Penney stated it bought 16.6% of the organization. AndMadison Square Garden was up 1.7%, striking a 52-week high, after Morgan Stanley’s Benjamin Swinburnechanged his recommendationto “overweight” from “underweight” following a resolution from the National basketball association lockout.