UPDATED, 9:16 AM: Many investors are having second thoughts about the potential impact of a Trump presidency: The markets have rebounded over the past hour and are now up slightly.
The Dow Jones U.S. Media Index is up a little under 1%, close to the performance of the overall market. In Big Media, Viacom is up fractionally, joining Comcast (+1.8%) among the gainers. Time Warner is still down the most in the group, but now just 1.4%.
Companies with significant exposure to overseas markets and advertising are still out of favor: AMC Theatres– owned by China’s Wanda Group — is down 3.6% followed by Alibaba Group, down 3.4%.
PREVIOUSLY, 6:58 AM: Media stocks fell along with much of the market the morning — although not as dramatically as some analysts anticipated — after Donald Trump was elected president, with Republican majorities in both houses of Congress.
The Dow Jones U.S. Media Index opened down about 1%, while the Standard & Poor’s 500 and Dow Jones Industrial Average were off just fractionally.
Time Warner was hardest hit among Big Media companies, with shares down 2.2% in early trading. Trump has vowed to block its planned $85 billion sale to AT&T.
CBS, which depends heavily on ad sales, fell about 1.9% followed by Viacom (-1.6% following a quarterly earnings report), Disney (-1.4%), Discovery (-1.4%), Sony (-1.1%), and Fox (-1%).
Comcast was the only company in the group that’s up, 1.2%.
In the broader collection of media companies, decliners include Amazon (-2.4%), Tribune Media (-2.3% following an earnings report), AMC Networks (-1.9%), and Apple (-1.8%).
The handful of gainers include Dish Network (+2.3% following an earnings report) and Tronc (+2.0%).
Also up are two companies that have been important to the president-elect: Twitter (+2.1%) and World Wrestling Entertainment (+1.5%).