Entertainment Stocks Hit 52-Week Lows in Coronavirus Market Drop - Hollywood Reporter

Entertainment Stocks Hit 52-Week Lows in Coronavirus Market Drop - Hollywood Reporter

BUSINESS

6:50 AM PDT 3/9/2020 by Georg Szalai

Trading was briefly halted as the S&P 500 stock index plunged 7 percent.

Entertainment industry stocks on Monday hit new 52-week lows or were trading near their year lows amid the latest coronavirus-driven stock market drop. 

Trading was briefly halted as the S&P 500 stock index plunged 7 percent.

Walt Disney's stock hit $108 early in the trading session, near its 52-week low of $107.32. Comcast hit a new year-low of $37.15, while ViacomCBS dropped as far as $19.41, also a new low for the past 52 weeks. (LightShed analyst Richard Greenfield on Twitter highlighted that the stock is down 52 percent since Viacom and CBS merged Dec. 4.)

The same was true for Fox Corp., which went as low as $26.38 in early trading, Discovery, which went down as far as $23.65, and AMC Networks, whose stock set a 52-week low of $25.

Cinema giant AMC Theatres was down more than 17 percent around 10 a.m. ET after hitting a 52-week low of $3.68. Cinemark dropped less dramatically with a roughly 8 percent loss in market value and hit a new 52-week low of $21.18. 

Sony Corp.'s U.S. shares were an exception as they, despite a more than 6 percent decline, only went as low as $58, compared with their 52-week low of $41.91.

Even Netflix, which some analysts have called a potential beneficiary of coronavirus if it leads consumers to stay home more, saw its shares fall more than 5 percent to below $350, but it stayed well above its 52-week low of $252.28.

The latest market drop came as investors have struggled to assess the economic fallout from the spreading coronavirus.

The broad-based S&P 500 stock index was down more than 6 percent in the morning after a massive early-morning sell-off of 7 percent triggered a so-called market circuit breaker, meaning trading was halted for 15 minutes.

Last week had seen the stock market swing up and down as investors went back and forth on the coronavirus fallout.

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2020-03-09 13:50:31Z
https://www.hollywoodreporter.com/news/entertainment-stocks-hit-52-week-lows-coronavirus-market-drop-1283165
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