Date: 22nd November 2000
Shares of top media companies rode a roller coaster on Wall Street Tuesday after a top analyst voiced fears that they would be in for a rough ride over the next six to twelve months.
Morgan Stanley Dean Witter analyst Richard Bilotti touched off the investor withdrawal when he downgraded the entertainment industry to "neutral" and cut 52-week price targets for Disney ($40 from $50), Viacom ($69 from $82) and News Corp ($54 from $66). Bilotti joined other analysts who have warned that the turmoil in Internet companies could set off a domino effect within media organizations.
Source: Studio Briefing