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%.
Broadcasting & Cable Newsletter
The smarter way to stay on top of broadcasting and cable industry. Sign up below
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.