But the bigger issue in media is that there’s no real way for an investor to put money into just one area of show business.
“All the media companies have valuable content but they’re mostly huge conglomerates so it’s very difficult to break out and invest in only the part that might perform,” says Diclemente. “As a result I’m bearish.”
If you’re looking for a trade, there could be play based on sheer decline in stock price.
“Perhaps Viacom and Discovery are worth a look on valuation,” says Diclemente, “but I wouldn’t buy just yet.”
Doesn't seem like this story has a happy ending here. Best to stick with Fred and Ginger.
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Trader disclosure: On Oct. 31, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (F), (MER), (EEV); Seygem Asset Management Owns (PBR), (VIP), (CX), (EEM); Karabell Owns (AAPL), (CAT), (CSCO), (GOOG), (JPM), (MS), (VIP), (UTF), (AGU); Terranova Owns (AAPL), (EXM), (FCX), (VLO), (X), (POT), (NOV), (MA), (FTO)
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