Media shares plunged Wednesday as stocks closed in official bear market territory in the face of a bona fide global coronavirus pandemic. Investors punished stocks from Dish to Live Nation, Gray Te…
, whose falling share price has been giving parent company National Amusements some angst, shed 3.5%. Ratings agency S&P Global put NAI on negative credit watch yesterday because it uses ViacomCBS stock as loan collateral.The nightmarish march of cancellations across the industry continued from NAB to live NewFront presentations by Twitter and YouTube to production of the latest season ofTwitter was down a hefty 8.8%. Google parent Alphabet was down 5%. Facebook fell 4.
The World Health Organization can take at least partial credit. Around midday it officially designated the coronavirus outbreak a pandemic, present in over 100 countries with 100,000 infected. The Bank of England followed the Fed with a major interest rate cut saying, “Indicators of financial market uncertainty have reached extreme levels.”
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Stocks plummet amid coronavirus fears and oil-price crashTamer Fakahany has been helping to lead the AP’s global news report for 15 years. You can now get his guide to the latest news delivered to your inbox each day. SUBSCRIBE to AP Morning Wire:
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Stocks plummet amid coronavirus fears and oil-price crashTamer Fakahany has been helping to lead the AP’s global news report for 15 years. You can now get his guide to the latest news delivered to your inbox each day. SUBSCRIBE to AP Morning Wire:
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