Big Media Stocks Suffer A Dismal Month
October 29, 2008 at 6:02 AM (PT)
Two days left in the month of OCTOBER, and we have a real shot at making the top 10 list of the worst months for stocks in U.S. history, reports REUTERS. The S&P 500 is down 19.3% so far for the month, already qualifying it for the ninth-worst month ever.
Before a powerful rally YESTERDAY (10/28), it looked like we might have had a shot at snatching first place away from SEPTEMBER 1931. In that month -- the early stages of the Great Depression -- the S&P 500 fell 29.94%.
Fortunately, for those of us whose 401(k)s are tied up in entertainment stocks, we've fared slightly better than the broader averages this month -- unless, of course, you've been banking on the big media conglomerates, all of which have crashed further than the S&P 500.
WALT DISNEY CO has lost 22.1%, followed by TIME WARNER INC (-23%), NEWS CORP. (-23.8%), VIACOM INC (-27.7%), SONY CORP (-28.8%) and CBS CORP (-39.4%).
Despite TUESDAY's 889-point rally on THE DOW, WALL STREET is increasingly convinced that the U.S., and perhaps the world, is in recession. BMO CAPITAL MARKETS delved head-first into the topic this week by telling clients which stocks to own during a mild recession and which to own during a severe one.
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