WALL STREET WEEKLY REPORT
could decide to keep producing oil at its present rate, which might make prices fall further.
That premium on the price of oil “can move up dramatically but also come down or dissipate just as quickly,” Krosby said. Disney fell $3.54, or 3 percent, to $115.13, its biggest oneday loss since August. Late Wednesday, Disney disclosed that US subscribers to its ESPN sports channel fell for the second year in a row, to 92 million as of Oct. 3, matching the lowest total since 2006. ESPN’s subscriber totals had hovered around 100 million for years.
Disney has said that ESPN has lost subscribers, but investors appeared shaken by the size of the losses. Small but growing numbers of people are opting out of traditional cable TV bundles and buying smaller, less expensive groups of channels instead. Investors in media companies are worried about potential losses of subscribers and revenue.
A dispute over the health and mental capacity of media mogul Sumner Redstone hit shares of Viacom, the owner of media properties including Paramount Pictures, Comedy
NEW YORK: Trader Peter Tuchman, right, works on the floor of the New York Stock Exchange. —AP