Stox still slipping

TW, exhibs' shares lone market survivors

NEW YORK — Selling resumed on Wall Street Thursday after Wednesday’s partial respite, and entertainment stocks were among those hit by a 100.15-point slide in the Dow Jones Industrial Average, which closed at 7682.22 down 1.3%.

In the showbiz sector, only Time Warner and some of the exhibition stocks avoided the sell-off. TW, which has stood up better than most of the entertainment majors in the selling of the past couple of months, closed up 62¢ to $85.

At the same time Walt Disney Co. fell $1.56 to $28.31, News dropped 62¢ to $24.50 and Viacom fell 93¢ to $57.62.

Likewise, Metro-Goldwyn-Mayer inched down 12¢ to $16, CBS fell 31¢ to $27.25 and Chancellor Media dropped $2.43 to $35.12.

Exhibs do well

The exhibition stocks, which have been badly hit by the sell-off, improved Thursday in a sign that investors believe the sector is extremely cheap. Loews Cineplex Entertainment rose 6¢ to $7.81, Carmike rose 6¢ to $19 while AMC Entertainment was steady at $11.87.

“The market is still correcting,” said Sal Muoio, a money manager with SM Investors.

Trading was extremely volatile, with the Dow falling as much as 201 points before recovering by the close of trading.

At Thursday’s close, the Dow was off 18% from its mid-July high of 9337. Wall Streeters expect further upheavals in coming days.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety