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Wall Street retreat takes media stocks down

AMC, Netflix the biggest losers in bad day

Media stocks got pummeled Thursday alongside the overall market. Netflix saw steep declines, as did AMC Networks, which is poised to lose carriage on satcaster Dish Network at the end of the month.

Dish fell too, ending down more than 2%. Sony was hit hard with shares dropping 3% to $13.55.

Time Warner managed to buck the downtrend, nosing up 0.38% to $37.27. The conglom’s Turner Broadcasting System is said to be in talks to buy San Francisco-based sports news website Bleacher Report. Lionsgate also gained 0.51% to $14.85.

The Dow Jones Industrial Average fell 1.96% and the Nasdaq lost 2.44% on negative economic indicators Stateside and fears that lower demand for products worldwide will squeeze corporate profits. Home resales fell in May and unemployment insurance claims rose last week. The crisis in Europe drags on. That all bears on media though advertising and consumer appetite for new services. The major broadcast and cable networks are coming out of a relatively healthy upfront.

Some market pundits noted think Thursday’s decline is in part a correction after weeks of gains. And everyone expects stock to continue to be whipsawed until the economic climate settles.

AMC Networks shares plunged nearly 4% to $38.06. The stock’s taken a hit in recent weeks after Dish announced plans to drop its networks, although they could be reinstated in the fall pending a trial over an old venture that went sour back when AMC was still part of Cablevision. The two sides go to court Sept. 18.  

Netflix shares fell 3.40% to 65.84. Dish ended down 2.11% to $27.85.

Comcast stock dropped 1.65% to $30.67 Ann Curry in said to be in talks to leave the “Today” show, highlighting continued challenges at NBC.

News Corp. fell 1.45% at $20.42. Viacom lost 1.16% to $52.72

CBS dipped 0.87% to $31.74, and Walt Disney was down 0.69% to $47.40. nosing up 0.38% to $37.27. The conglom’s Turner Broadcasting System is said to be in talks to buy San Francisco-based sports news website Bleacher Report.

The Dow Jones Industrial Average fell 1.96% and the Nasdaq lost 2.44% on negative economic indicators Stateside and fears that lower demand for products worldwide will squeeze corporate profits. Home resales fell in May, and unemployment insurance claims rose last week. The crisis in Europe drags on. That all bears on media though advertising and consumer appetite for new services. The major broadcast and cable networks are coming out of a relatively healthy upfront.

Some market pundits think Thursday’s decline is in part a correction after weeks of gains. And everyone expects the market to continue to whipsaw until the economic climate settles.

AMC Networks shares plunged nearly 4% to $38.06. The stock’s taken a hit in recent weeks after Dish announced plans to drop its networks, although they could be reinstated in the fall pending a trial over an old venture that went sour back when AMC was still part of Cablevision. The two sides go to court Sept. 18.  

Netflix shares fell 3.40% to 65.84. Dish ended down 2.11% to $27.85.

Comcast stock dropped 1.65% to $30.67. Ann Curry is said to be in talks to leave the “Today” show, highlighting continued challenges at NBC.

News Corp. fell 1.45% at $20.42. Viacom lost 1.16% to $52.72.

CBS dipped 0.87% to $31.74, and Walt Disney was down 0.69% to $47.40.