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Media Stocks Open Week on Up Note - Broadcasting & Cable

Media Stocks Open Week on Up Note

Struggling sector led by big gains for Discovery, Comcast
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Media stocks, which have been sinking, opened the week on a positive note.

Every publicly traded programming stock was up, with Discovery Communications, up 3.5% to $29.30, leading the group.

Two weeks ago, media stocks began to get pummeled when second quarter earnings calls raised investor concerns that growth of distribution revenue could be slowed by cord cutting at the same time advertising revenue was under press because of low ratings and digital competition.

The companies lost billions of dollars in value.

But on Monday, Comcast, Scripps Networks Interactive and AMC were up about 2%; CBS, Walt Disney, and Time Warner were up more than 1% and 21st Century Fox, Crown Media and Viacom were up less than 15.

Netflix, seen as a cause of the traditional media companies problems, was up 1.58% to $125.34. .

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