Media Stocks Catch A Break As Stock Market Recovers

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The stock market recovered somewhat in morning trading Tuesday after Monday's steep 600-point decline in which media companies were particularly hard hit.
The Dow Jones Industrial Average was up 145.05, or 1.36%, to 10,956,90 before mid-day.
Most companies in the television industry showed increases, but there were exceptions, notably Cablevision Systems, whose earnings and subscriber numbers came in well below estimates when they were announced Tuesday morning. Cablevision shares were down another 10% to $17.61. The new loss came on top of an 18% decline for the year so far before Tuesday.
CBS, which has been hammered because it is still seen as a traditional broadcaster dependent on cyclical advertising revenues, bounced back Tuesday morning. CBS stock was trading up almost 9% at $23.17 a share.
Scripps Networks, which announced strong ad sales as part of its second-quarter financial results, was up almost 9% at $41 a share.
Also registering gains were Discovery, up more than 4%, Viacom, up more than 3% and News Corp, up more than 2%. News Corp., which has been ensnared in a phone hacking scandal, reports its earnings Wednesday.

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