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.