Media firms drag on Dow - New York Report

WALL Street ended sharply lower yesterday as weak earnings reports from media companies stirred fears that more viewers are ditching cable TV, dragging the sector to its worst two-day loss since the financial crisis.

The Dow Jones industrial average fell 0.69 per cent to end at 17,419.75 and the S&P 500 lost 0.78 per cent to 2,083.56. The Nasdaq Composite dropped 1.62 per cent to 5,056.44, its biggest one-day tumble since early July.

Viacom fell 14.22 per cent to its lowest in almost four years after reporting lower-than-expected quarterly revenue due to weakness in its cable TV business. Walt Disney was off 1.79 per cent and down for a second session after it lowered profit guidance for its cable networks unit on Tuesday.

In other earnings-driven stock moves, Tesla fell 8.88 per cent and Keurig Green Mountain slumped as much as 29.75 per cent after reporting disappointing numbers.