8.86%C 6.45 22.20%F 2.55 5.20%
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NEW YORK - Shares of most major media companies declined Tuesday morning as oil prices rebounded and a government report showed that companies are absorbing large cost increases.
The Labor Department said its index of producer prices jumped 1.4 percent in May, the largest increase since November. Investors are concerned that companies may be forced to pass their rising costs on to customers.
Adding to worries about increasing pressures on consumers, crude oil rose to more than $134 a barrel on the New York Mercantile Exchange in morning trading.
How shares of some major media companies were faring Tuesday morning:
Time Warner Inc., down 3 cents to $15.16.
Walt Disney Co., down 20 cents to $33.45.
New York Times Co., down 9 cents to $16.48.
News Corp., down 14 cents to $18.04.
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China's Health Ministry says six babies may have died from tainted milk, up from a previous official figure of three deaths. The ministry says he...
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