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News Corp Shares Slump on Merrill Lynch Downgrade

Shares of the media giant were slumping in morning trading Thursday after an analyst downgrade.

Shares of News Corp (NWS) - Get Report were down Thursday after the media giant was downgraded to UNDERPERFORM from NEUTRAL by Merrill Lynch. One reason: challenges facing the broader news media landscape. But analysts at Jefferson Research recently upgraded the company's stock to HOLD citing improved cash flow and balance sheet quality, noting that operating cash flow rose in the current quarter to $353 million from $251.0 million last quarter. News Corp shares are now down about 29% so far in 2016.

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