Market Falls At Open Despite New Fed Move As Media Stocks Hit With Downgrades
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deadline.comBy Jill Goldsmith The stock market opened lower despite a aggressive move by the Federal Reserve, in an emergency meeting early Monday – it’s third since the crisis started – to combat the economic impact of the coronavirus pandemic.
Media stocks from Disney and Lionsgate to WarnerMedia parent AT&T were hit with downgrades on worries about advertising, theme parks and a possibly more rocky than expected launch for HBO Max.
It was the first day of trading electronically only with the physical floor of the New York Stock Exchange closed to trading after cases of the virus.
Disney was down 3%, AT&T down 6% and Liongsate off 3% after a morning note by analysts at Cowen. Netflix was up 4%, one of the only showbiz stocks in the green Monday
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