Netflix Success Spells Time Warner Disaster?

When Time Warner Inc. (TWX) reported a third quarter earnings beat before the market opened on Wednesday, the results did not just damage the company's own shares, which dropped 6.6%. The Walt Disney Co. (DIS) dropped 2.0%; Viacom Inc. (VIA) 5.6%; Twenty-First Century Fox Inc. (FOXA) 5.2% (Fox had some help from its own revenue miss). For comparison, the S&P 500 slipped 0.4%.