Sector Snap: Media stocks fall with broader market
By
Associated Press
September 15, 2008
|
Media stocks fell in morning trading Monday after Lehman Brothers filed for bankruptcy and Wall Street rival Merrill Lynch was taken over by Bank of America, sending global markets into a slump.
Media stocks have taken a beating this year as the troubled economy has hurt advertising budgets.
New York-based advertising and marketing services provider Interpublic Group of Cos. fell 22 cents, or 2.5 percent to $8.59.
Shares of Omnicom Group Inc., an advertising and marketing company, dropped $1.03, or 2.5 percent, to $39.58. It hit a year low of $38.93 earlier in the session.
U.S.-listed shares of WPP Group, the world's second largest advertising company, dipped $2.04, or 4.1 percent, to $47.78.
Media conglomerate News Corp. lost 46 cents, or 3.2 percent, to $13.94. The stock is down 32 percent in the year to date.
Time Warner Inc. fell 26 cents to $14.31.
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