While you were sleeping: Media stocks take beating

Thu, 06 Aug 2015

By Margreet Dietz Aug. 7 (BusinessDesk) - Wall Street moved lower amid a slump in media stocks including Viacom on disappointing earnings and concern about their profit outlook. Shares of Viacom sank, last 12 percent lower, after the company posted lower-than-expected quarterly sales. Shares of Walt Disney fell, extending Wednesday’s 11 percent slide after the company downgraded the profit outlook for its cable networks unit. Other media stocks including Twenty-First Century Fox and CBS also fell. Fox last traded 6.8 percent lower,...

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