Wall Street weakened again Thursday as higher bond yields keep biting. The losses were widespread. Some of the hardest hit were high-growth stocks seen as the most vulnerable to higher interest rates. Meta Platforms sank 3.1%, and Tesla dropped 2.8%. Apple fell 1.5% and was the heaviest weight on the S&P 500.
Paramount Global shares dipped 2% Thursday morning after word surfaced Wednesday night that the company had abandoned its effort to sell a stake in BET Media Group. Shares fell at one point to $14.58, their lowest level since mid-May, though trading volume was lighter than normal.
After record deal-making in 2021, the number and dollar value of M&A in media and telecommunications fell during the past 12 months through November, according to the latest report by PwC.
Wells Fargo analyst Steven Cahall has issued his second downgrade for Paramount Global in less than a month, rating the company’s shares as “underweight” and cutting his stock price target from $19 to $13. In his earlier Paramount downgrade on Oct. 4, Cahall slashed his price target from $40 a share to $19, noting that Wells Fargo had become “increasingly worried about the linear ecosystem cross media.”
Wall Street fell to its first down week in four Friday on rate worries. Big tech stocks once again led the market lower.
Nexstar Media Group said its board of directors voted to recommend that shareholders approve an amendment to its corporate charter to eliminate the company’s Class B and C common stock […]
Stock indexes closed lower Friday as jobs data sparked uncertainty. The S&P 500 fell 0.2% after wavering between small gains and losses for much of the day. The modest drop snapped a three-day winning streak for the benchmark index. Even so, it managed a 0.8% gain for the week, less than half of the index’s loss last week.
With trading volume at three times normal levels, Disney shares were at $182.14, their highest point in nearly a month. Broader indices were largely flat.
Stocks closed mixed Thursday as traders remained focused on the latest hope for a resolution to Europe’s debt crisis: this time, a weekend summit of European leaders.
An Energy Department report showed that gasoline consumption continues to grow despite sharp price increases at the pump. That gave the stock market some stimulation.
Stocks started the week with big gains Monday on a major telecommunications deal and signs that Japan’s nuclear crisis was stabilizing. The Dow Jones industrial average closed above 12,000 for the first time since a nuclear power plant in Japan failed following a massive earthquake and tsunami.