Media stock finished Tuesday trading mixed as an early rally disappeared, leaving the market with another large loss.
Following Monday’s 588-point dive, the market opened higher, rallying to a 400-point gain at one point. But the market dropped in afternoon trading finishing with a 204.91 point loss to 15,666.44, or 1.29%. D
espite the market’s plunge, some media stock posted gains. A
MC Networks close up 5.55% at $69.26 a share. The company’s new show “Fear the Walking Dead,” a spinoff of “The Walking Dead,” premiered to the highest ratings in cable history.
Other companies posting gained included Viacom, Walt Disney Co. and 21st Century Fox. Streaming company Netflix was up nearly 5%.
CBS and Comcast finished down more than 1%, while Crown Media, Scripps Networks and Time Warner posted smaller losses.