Ooh Boy! Shares in media companies got absolutely hammered this week in what was also a horrendous five-day outing for the broader market. The major stock indices experienced a horrible shock in midafternoon trading Thursday before sharply recovering part of that loss. Over the past five days, the S&P 500 lost 6.4% to end at the week at 1111.
Quarterly earnings were once again in the spotlight this week, with many turning to a Friday report from The Washington Post (WPO) after the company announced earlier this week that it plans to sell Newsweek. The Washington Post said it swung to a profit for the first quarter of this year, but Newsweek and the newspaper division both lost money. Shares fell 6.3% on the week to end at $476.52.
Profit, loss, whatever. It hardly mattered what companies said they did in the first quarter this week. Their stocks got hammered along with just about everything else as investors broadly worried about a credit disaster for Greece turning into a Europe-wide contagion.
Weekly stock results for Cablevision, Playboy, News Corp. and more after the jump.
Newsday and amNewYork parent Cablevision (CVC) announced a first-quarter profit of $74.2 million more than triple what it made a year ago. The Newsday segment, meanwhile, registered a $4.7-million loss. Shares plummeted 10% to close the week at $24.64
Naked-lady-magazine publisher Playboy (PLA), meanwhile, posted a $1 million first-quarter loss Thursday, improving a great deal over results from the first quarter of 2009. Shares lost 7.7% on the week to end at $3.86.
News Corp. (NWSA) on Tuesday said it earned $839 million in its fiscal third quarter, down from $2.7 billion a year ago. Shares fell 11% to $13.67.
Time Inc. parent Time Warner (TWX) saw its profit rise in the first quarter. Overall magazine revenue was down slightly, but ad and subscription revenue each climbed a little bit. Shares dropped 8.6% to $30.25.
Other stock results:
• Media General (MEG) down 5.5% at $11.95
• New York Times (NYT) down 9.9% at $8.94
• A. H. Belo (AHC) down 4.7% at $8.10