U.S. financial markets resumed their rollercoaster ride on Tuesday, with the Dow Jones Industrial Average sliding 424.56 points, to 24,024.13, and the Nasdaq composite index dipping 121.25, to 7,007.35.
Broadcast radio and TV companies saw mixed activity. It was the tech sector and two big OTT giants that saw their stocks sink.
Amazon shares declined 3.8%, to $1,460.09 per share, on heavy trading of 7.45 million shares. Average trading volume for Amazon is 6.31 million shares.
The dip came as Amazon head Jeff Bezos, in Germany, signaled that it was right that big companies are scrutinized and noted Amazon would respond to any new regulations by finding new ways to please customers.
Hundreds of Amazon workers who are members of a trade union gathered in protest of Bezos, who was receiving an award from German media industry giant Axel Springer.
The dip may be of little consequence for long-term investors, as October 26 was the last day Amazon shares were each valued less than $1,000.
The other big mover was Netflix, which dipped 3.7% to $307.02, on volume of 13.84 million shares. Average volume is 12 million shares.
This signals further investor reaction to a plan to issue $1.5 billion of “junk” bonds that will reportedly yield 5.75% to 6%.
For a full look at how media stocks fared on Tuesday, visit the Wall Street Report on the homepage of RBR.com.
