Shares of most major entertainment and media conglomerates have been hit hard amid continued fears surrounding the coronavirus, with shares of Disney, ViacomCBS, Comcast, and Fox falling below or near their 52-week lows.
Netflix shares also dropped on Monday while AMC Theatres, the largest domestic cinema chain, saw its stock decline more than 16 percent, though the stock is valued at just under $4.
The broad sector decline reflects ongoing fears that the economic effects of the coronavirus outbreak will continue to impact everything from advertising to moviegoing as consumers opt to avoid crowded areas and stay at home.
The Walt Disney Co. saw its stock drop 7 percent during trading on Monday, bringing shares of Hollywood’s biggest studio down nearly 30 percent from its all-time high in November. The stock is now trading below its previous 52-week low. ViacomCBS shares also plunged, falling more than 8 percent to reach a new all-time low for the past 12 months.
Fox Corp. shares were off more than 5 percent during trading Monday while Netflix was down by around the same percentage. Netflix shares are still up for the year as well as for the past 52 weeks, possibly reflecting belief that the streamer could benefit if moviegoers decide to avoid the multiplexes.
AMC saw its stock drop more than 16 percent on Monday, even though the Chinese-owned cinema chain recently said it had so far experienced “little or no” financial impact from the coronavirus scare. AMC was already experiencing difficulties, having reported last month it swung to a fourth-quarter loss on lower U.S. movie attendance and a one-time charge.