A dour warning from Wells Fargo on broadcaster stocks is wreaking havoc in the sector.
The group is giving up much of the M&A premiums it had built up over the last few months.
Decliners: Gray Television (GTN) -12.5%, Nexstar Broadcasting (NXST) -9.1%, inclair Broadcast Group (SBGI) -7.4%, E.W. Scripps (SSP) -5.4%, Entravision Communication (EVC) -2.7%, Media General (MEG) -5.0%.
The PowerShares Dynamic Media ETF (PBS) is under-performing a bit today due to its exposure to the group.