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Media stocks fall for a second day amid cord-cutting fears

Major media stocks fell for a second day in a row Thursday amid investors' worries that pay-TV cord-cutting and cord-shaving could eat away at profits.

The Walt Disney Co. shares fell 5% in midday trading after taking a 9% tumble on Wednesday.

Investors were spooked earlier this week after executives at Disney told analysts that its key cable networks group would fall short of previous earnings estimates for next year. The warning...