Media Stocks Plunge
Amid growing pessimism about the economic recovery, media stocks plunged wildly after the market opened today (Tuesday). CBS Corp., which depends on advertising more than any other major media company, was hit hardest, as its shares dropped nearly 6 percent to $22.06. But Sony Corp. was close behind, with a 4.92 percent slide, bringing it down below its 52-week low to $19.71. Cablevision Systems plunged 4.5 percent to $17.04. And News Corp, whose executives are facing new investigations into telephone hacking in the U.K. was down 2.3 percent to $15.91.