Tough day for broadcaster stocks

|By:, SA News Editor

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.