Media stocks are proving to be mostly resilient on a second day of steep losses for key Wall Street indexes in a market sell off fueled by fears of trade wars, tariff threats and economic jitters around the world. The market battled back in the second half of the trading day and ended in flat territory for the Dow Jones Industrial Average and NASDAQ.
The Dow was down nearly 700 points early on in trading Thursday but recovered slightly by noon ET to a loss of about 600 points, or about 2.5% of total value. The Dow slide came on the heels of a nearly 800-point drop on Tuesday. (U.S. markets were closed on Wednesday in honor of the state funeral for former President George H.W. Bush.) The Dow closed the day down 79.40 points or less than one half of one percent.
Most media stocks posted slight gains for the day. Discovery saw a 4% gain to $29.15 among positive analyst reviews of its Scripps Networks Interactive integration and more M&A speculation. AMC Networks perked up 2% to $58.18. Both companies are seen as acquisition targets next year as the consolidation push in media gains more steam.
Netflix was also in positive territory for the day (2.7%) after taking a hit on Tuesday.