News that a vaccine for COVID-19 appears to effective sent the stock market soaring Monday, helping many, but not all media companies.
Netflix, which has benefited as home-bound people increasing stream video, was down 4% in mid-morning trading.
On the other hand Disney was up more than 10% because a vaccine would help the company’s theme parks and theatrical film business. Similarly, Comcast share were up nearly 6%.
Pfizer said that early results from its Coronavirus vaccine trial showed that it was more than 90% effective in preventing the disease among trial volunteers. The news comes as cases and deaths are spiking in the U.S. The virus has closed many businesses, reducing demand for TV advertising, which has depressed earnings at many media companies.
Overall, the Dow Jones Industrial Average was up about 4%.
Among other media stocks Monday morning, Discovery was up more than 4%, AT&T gained more than 3%, AMC Networks was up nearly 3%, Fox was up 1%. Viacom, which rose Friday on strong streaming metrics, was off slightly.
Sinclair Broadcast Group was up more than 8%. A solution to the virus could help its struggling regional sports network business.
Nielsen was up 8%.
Charter was down more than 2%.
The television industry's top news stories, analysis and blogs of the day.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.