US STOCKS-Wall St slumps as media stocks hemorrhage

jueves 6 de agosto de 2015 14:54 GYT
 

* Disney, Viacom lead media selloff

* S&P media index records worst two-day tumble since 2008

* Tesla, Green Mountain fall after results

* Indexes down: Dow 0.7 pct, S&P 0.75 pct, Nasdaq 1.53 pct (Updates to mid-afternoon)

By Noel Randewich

Aug 6 (Reuters) - Wall Street slumped on Thursday as weak earnings reports from media companies raised fears that more viewers are ditching cable TV, dragging the sector to its worst two-day loss since the financial crisis.

The selloff was compounded by nervousness ahead of key jobs data on Friday that could provide clues about the timing of the first Federal Reserve interest rate hike in almost a decade.

Viacom fell as much as 23.6 percent to its lowest in almost four years after reporting lower-than-expected quarterly revenue due to weakness in its cable TV business. Walt Disney was off 2.9 percent and down for a second session after it lowered profit guidance for its cable networks unit on Tuesday.

The S&P 500 media index was down 2.85 percent, recording it's biggest two-day fall since November 2008, with Time Warner, Comcast and CBS all in the red and Twenty-First Century Fox down 6.6 percent.   Continuación...