World Capital Markets Retreat Wednesday

U.S. stock markets were trading in negative territory on Wednesday morning, with the tech sector leading the way down, as Facebook (FB, Financial) and Microsoft (MSFT, Financial) declined.

Shares of MSG Networks Inc. (MSGN, Financial) jumped on Wednesdaymorning after the company posted fourth-quarter earnings per share of 60 cents on revenue of $171.4 million, representing 5.2% growth. It beat earnings estimates by 3 cents and revenue estimates by $5.5 million.

Affiliation fee revenue rose $9.2 million as a result of higher affiliation rates and the favorable impact of a $1.2 million affiliate adjustment recorded as well as the absence of a $1.1 million unfavorable adjustment.

Advertising revenue decreased $1.2 million due to the effect of lower playoff-related advertising sales. Other revenues increased $0.5 million compared with the prior-year period.

The company's president and CEO Andrea Greenberg said, “In addition to another year of strong revenue, adjusted operating income and free cash flow results, we enhanced our programming lineup through new and innovative content, while broadening the reach of our networks through digital distribution platforms. As we look ahead, we believe that our unparalleled live sports presence in the nation's largest media market will enable us to continue to generate significant long-term value for our shareholders.”

Gainers

• Chipotle Mexican Grill Inc. (CMG, Financial)

• Kimberly-Clark Corp. (KMB, Financial)

• Consolidated Edison Inc. (ED, Financial)

• Clorox Co. (CLX, Financial)

• Xcel Energy Inc. (XEL, Financial)

Losers

• Macy's Inc. (M, Financial)

• Kohls Corp. (KSS, Financial)

• Gap Inc. (GPS, Financial)

• Micron Technology Inc. (MU, Financial)

• Ralph Lauren Corp. (RL, Financial)

Global markets

The main European stock markets traded in the red. The U.K.'s FTSE 100 retreated 1.72%, France's CAC 40 fell 2.05%, Germany's Dax lost 1.83% and Spain's Ibex 35 swelled 1.73%.

In Asia, Japan's Nikkei 225 retreated 0.68%, India’s BSE Sensex gained 0.55%, Hong Kong's Hang Seng lost 1.55% and China's Shanghai Composite fell 2.08%.

Disclosure: The author holds no positions in any stocks mentioned.