Mid-Day Update: Media Stocks Getting Crushed (Except Netflix) - AMC Networks (NASDAQ:AMCX)

Shares of

Netflix, Inc.NFLX

were trading nearly unchanged early Thursday afternoon at $122.90, off by just 0.52. The company was spared from the heavy selling seen in some of its media peers.

Viacom Crashes

Shares of

Viacom, Inc.

VIAB

came crashing down to new 52-week lows of $39.30, shedding nearly 20 percent of its value. The company reported earlier today a record earnings per share of $1.47 in its third quarter (two cents higher than expected) but revenue of $3.06 billion fell 11 percent from a year ago, missing the $3.22 billion analysts were expecting. Filmed Entertainment revenue of $479 million fell 44 percent from a year ago (against a difficult compare with the release of Transformers: Age of Extinction last year) while Media Networks revenue of $2.6 billion was flat from a year ago.

AMC Punished

Investors punished

AMC Networks IncAMCX

, sending shares lower by more than 10 percent. The company reported its second quarter results before the opening bell, earning $1.14 per share on sales of $601 million. Analysts were looking for the company to earn $0.88 per share on revenue of $588.25 million. Investors were likely focusing on the fact that AMC reported its international revenue fell for the first time in nine quarters to $112.9 million (down 9.4 percent year over year) while the segment's operating income decreased by $13 million to a loss of $9 million from a year ago.

Twenty-First Century Fox Plunges To 52-Week Lows Shares of Twenty-First Century Fox Inc FOXA established new 52-week lows on Thursday, losing more than 12 percent at $27.56. The company reported mixed fourth quarter results on Wednesday in which it earned $0.39 per share, better than the $0.37 per share expected but revenue of $6.21 billion fell short of the $6.54 billion analysts were expecting. Twenty-First Century Fox noted that its revenue fell $2.22 billion from a year ago as it sold its satellite business, Sky Italia and Sky Deutschland for $7.3 billion in proceeds. Excluding the asset sales, revenues would have been higher by $80 million, or three percent from a year ago. However, investors may have been reacting negatively to the company's Filmed Entertainment segment as revenues fell 32 percent year over year to $1.91 billion due to difficult comparisons from a year ago which included X-Men and Rio 2. Other Notable Moves:
Shares of CBS Corporation CBS hit new 52-week lows of $47.83 before rebounding and trading at $48.44, down nearly four percent.

Shares of Walt Disney Co DIS continued its post-earnings decline, trading lower by nearly five percent at $105.28.

Shares of Discovery Communications Inc. DISC were little changed on Thursday at $28.75, down 0.40 percent.

Shares of time Warner Inc TWX were trading lower by more than five percent at $75.54.

Shares of Liberty Interactive Group QVCA were trading lower by nearly four percent at $29.82.

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