Shares of media giant Fox Corporation (NASDAQ:FOX) (NASDAQ:FOXA) were falling today as investors processed more bad news stemming from the coronavirus pandemic. The broader stock market was reeling from the latest unemployment figures released today, and Fox's stock took a hit along with it.
Fox Corporation's stock was down 8% as of 11:41 a.m. EDT.
Fox's shares, like many other companies', have been volatile over the past two months. The company's stock price is down nearly 19% since the beginning of March, far more than the broader S&P 500's 6% dip.
Fox Corporation's share price drop today likely stems from the latest U.S. jobless claims figures released this morning, which showed that an additional 3.8 million workers filed for unemployment benefits. This brings the total number of unemployment claims to 30 million over the past six weeks.
Fox's media empire isn't immune to overall economic weakness. With live sports nonexistent right now because of COVID-19, the company won't be able to sell advertising time during sporting events.
Investors can likely expect more volatility from Fox's stock over the coming weeks. The company will report its third-quarter 2020 results on May 6 and said in an SEC filing at the end of March that the COVID-19 pandemic will have a "material adverse effect" on the company's financial results.