Cable & Wireless issued its second profits warning in seven months yesterday. The resultant 12% drop in stock value brought the price of shares in the company to a nine-year low of £2.75.
The negative mood continued more or less across the board of media stocks, including a 13% drop at SMG and an 11% fall at GWR. BSkyB found its Merrill Lynch earnings forecast cut, causing its price to slide 10p to £6.12.
The closing prices of media company shares yesterday were:
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