Media stocks drop more than the market as a whole

Stocks fell across the board Thursday in the worst day of trading since 2008. The drop was fueled by a global credit crisis and a weak U.S. economic recovery, with the expectation that Friday’s jobs report will add to the worries. The Dow fell 4.3 percent, the S&P 500 fell 4.8 percent, and the Nasdaq fell 5.1 percent. Most media stocks took a larger hit than the market as a whole.

“Many stocks follow economic expectations up and down. A few, like hard metals, do better in a down market. But newspapers’ fortunes vary up and down even more than the economy itself,” says Poynter media business analyst Rick Edmonds.

Newspaper Company Stock Prices August 4, 2011
Company
% change from opening to close
A.H. Belo -3.48%
Gannett -5.59%
Journal Communications -5.94%
Lee Enterprises -15.96%
McClatchy -9.66%
Media General -2.93%
New York Times -7.56%
E.W. Scripps -5.62%
Washington Post -6.21%
Source: Yahoo Finance

We have made it easy to comment on posts, however we require civility and encourage full names to that end (first initial, last name is OK). Please read our guidelines here before commenting.

  • http://www.poynter.org Poynter

    It’s really news media companies — mostly newspaper companies, some of which also own TV stations. I didn’t include online-only companies like AOL or Yahoo or primarily broadcast companies. I thought about a headline that said “Newspaper stocks drop more than the market as a whole” but since some of these companies are broadcasters and/or very active on the Web, I went with the broader “media.” –Julie

  • http://twitter.com/JPNavin John Navin

    So, when the headline says “Media stocks” what we’re talking about is old media, right?