Major media companies struggle in Q1
By Erina Lin, Tuesday 1 April 2008 at 23:09 :: General :: #1476 :: rss
The stocks of major U.S. media and entertainment companies dropped during the first quarter, according to the Hollywood Reporter.
The Hollywood Reporter Showbiz 50 stock index experienced 17.8 percent drop in value in the first quarter of the year, compared with the 2007 closing price. At the end of Monday, the final trading day of the first quarter stood at $1,082.73, much lower than a high of $1,375.53 in early November 2007. By comparison, the broad-based S&P 500 stock index ended the first quarter at $1,322.70, reporting a 9.9 percent decline.
One of the few out-performers and highlights is Netflix. Its stock ended 2007 at $26.62 but closed at $34.65 Monday, an incredible gain of 30.2 percent within three months.
American depository shares of Sony Corp. ended Monday at $40.07, dropping 26.2 percent from their closing price in 2007. Sony shares marked a new 52-week low of $39.91 Monday.
CBS Corp. and News Corp., as well as Time Warner's stock, also set new lows in the first three months of 2008 and ended the quarter down in double-digit percentage figures, according to the Hollywood Reporter.
Viacom managed to avoid a new 52-week low and outperformed the Showbiz 50 and the biggie peers with a 9.8-percent decline in the first quarter.
Disney showed more resilience by losing only 2.8 percent in market value during the past three months, although it hit a new 52-week low of $26.30, the Hollywood Reporter reported.
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