Disney Extends Slide as Media Stocks Sell Off on Weak Earnings

Disney (DIS) extended Wednesday's losses, one of the Dow's biggest losers, after the company reported disappointing quarterly sales. Shares have dropped around 10% since Wednesday morning. Stocks suffered a steep decline with the Dow closing out its sixth straight day of losses. Investors pulled out of equities amid weak earnings results from media conglomerates including 21st Century Fox (FOXA) and AMC Networks (AMCX) and on nerves ahead of Friday's jobs report. Viacom (VIAB) also sold off after a 9% decline in domestic ad revenue fueled fears over the state of the TV industry. Overall sales fell 11%. Discovery Communications (DISCA) was a rare bright spot on the media landscape after reporting better-than-expected earnings.