Media Stocks Drop in Post-Election Trades

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Related: Trump Stuns Pundits and Pollsters to Capture Presidency

The stock market opened higher the day after Donald Trump’s surprising election victory, but the media companies the president-elect bashed during the campaign traded lower.

Scripps Networks, Discovery Communications and Netflix were all down more than 2% in early trading Wednesday. Disney, CBS, AMC, Time Warner and Viacom were all down more than 1%.

Trump has said he will oppose Time Warner’s proposed acquisition by AT&T. AT&T was down more than 1% as well.

Comcast opened higher, gaining more than 1%.

The Dow Jones Industrial Average was up 68 points, or 0.37%. The NASDAQ index was down a bit. As Trump got closer to victory, the U.S. futures market and some overseas stock markets plunged amid fear of the uncertainty over what a Trump administration would mean to foreign trade.

Jon Lafayette
Jon Lafayette

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.