Hollywood Stocks Are, No Thanks To John Travolta, Still Stayin' Alive
As Wall Street has turned itself upside down over the last two days, Hollywood stocks are struggling to stay afloat according to the Hollywood Reporter
.
At close yesterday, the roller-coaster ride had driven the market down some 800 points, only to close down a tad more than 300. Throughout, entertainment stocks were only off about 3.2% after having dropped as far as 11% down.
The THR entertainment stock index outperformed the broader markets -- a rare occurrence in recent weeks, especially in comparison to the Dow off 3.6%, the S&P 500 down 3.9%, and the Nasdaq dropping 4.3%.
The top Showbiz 50 loser Monday was Imax, down 15% despite the company's unveiling of a new debt-refinancing package with the Bank of Montreal.
Today, entertainment stocks were relatively stable.
