Wall Street screens are a sea of red again today, with worldwide economic worries pressuring stock prices. The Dow Jones Industrial Average plunged from the opening bell and was down more than 400 points at mid-session.
In addition to worries about the stability of the economies of various European countries, Thursday saw a report from the Federal Reserve Bank of Philadelphia on regional manufacturing that came in well below expectations and the National Association of Realtors reported that existing home sales were down in July.
Only one broadcasting stock was in positive territory at mid-session, although a few others were flat. The lone gainer was ACME, which is in the process of selling off its TV stations.
Among radio stocks, SBS was down over 8% and Pandora Media over 7% in mid-day trading.
For TV stocks, Media General was down over 8% and CBS (Class B) over 7% as some of the hardest-hit issues.