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Previous day's gains erode in media

  1. jollyroger1

    1,155 Posts.

    Previous day's gains erode in media

    By Russ Britt, CBS.MarketWatch.com
    Last Update: 12:20 PM ET July 30, 2002

    NEW YORK (CBS.MW) -- After Monday's strong rally that lifted all boats in the media harbor, Tuesday brought a sell-off in which most companies saw their shares sink.

    Just about all major media companies experienced a decline in early trading, although the sell-off didn't completely offset Monday's gains.

    Viacom Inc. (VIA: news, chart, profile) (VIA.B: news, chart, profile) took the brunt of it, losing $1.21 to $36.29, or 3.2 percent. Other companies didn't have it that bad in dollar amounts but lost more percentage-wise.

    Vivendi Universal (V: news, chart, profile) gave back 4.5 percent, a loss of 76 cents, to $16.20.

    Other losers were Walt Disney Co. (DIS: news, chart, profile), which declined 31 cents to $17.04. News Corp. (NWS: news, chart, profile) gave back 22 cents to $20.05.

    Eking out a slight gain was AOL Time Warner (AOL: news, chart, profile), which inched up 7 cents to $11.65.

    Other sectors were mostly mixed, but overall gains were seen in the cable industry. Cox Communications (COX: news, chart, profile) climbed 88 cents to $27.18, a gain of 3.3 percent. Insight Communications Inc. (ICCI: news, chart, profile) was up 30 cents to $9.10, a 3.4 percent rise.

    Newspapers also were mostly in the red. Pulitzer Inc. (PTZ: news, chart, profile) lost $1.35 to $45, a 2.9 percent drop. Hollinger International (HLR: news, chart, profile) dropped 25 cents to $10.20 for a 2.4 percent loss.

    Russ Britt is the Los Angeles Bureau Chief for CBS.MarketWatch.com.

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