Media stocks took a beating on concerns about cord cutters. Stocks extended their losing streak. Bobbi Rebell reports.
Media stocks led a broad-based retreat on Wall Street after disappointing revenue reports from Viacom and Twenty-First Century Fox. Michael Kors' quarterly profit fell amid heavy discounting, but beat expectations. The handbag maker pleasantly surprised analysts by sticking to its full-year forecast. Kors is spending to expand stores in their growth markets of Japan and Europe, says Thomson Reuters' Jharonne Martis. SOUNDBITE: JHARONNE MARTIS, DIRECTOR OF CONSUMER RESEARCH, THOMSON REUTERS (ENGLISH) SAYING: "It makes sense for Kors to invest in this area. It could, actually, improve the margins as opposed to hurting it." Oreos maker Mondelez International's shares rose on word activist investor Bill Ackman has taken a 7.5 percent stake. Analysts say, it's a bet Mondelez is a takeover target. Tesla's shares tumbling one day after it reported its loss had widened and said it may need to raise more cash. The day's biggest loser on the S&P 500: Keurig Green Mountain. The single-serve coffee brewer maker cut its forecasts and said it'll shrink its staff amid falling sales. Investors got another sign the labor market is tightening a day ahead of the government's jobs report. Jobless claims rose less than expected last week. In Europe, weak corporate earnings results and falling oil prices pulled stocks lower.