Media Stocks Continue to Fall

After falling in lockstep in Monday's scary 4.5% stock-market decline, Wall Street trading was steady at midday Tuesday, but TV and cable stocks kept falling. The broad stock market was down around one-tenth of a percentage point at midday, but broadcasting stocks fell about 1.5% and cable stocks slumped around 1%. In broadcasting, Nexstar Broadcasting Group, ACME Communications and Gray Television have fallen more than the sector average. The whole broadcast sector is sensitive to advertising jitters that were magnified with Monday's sell-off. In the cable sector, John Malone-led Liberty Media was among the bigger decliners, off 47 cents at $25.37 per share, which translates to a 1.8% drop.