Media conglomerate Time Warner, which owns CNN, saw its stocks fall Wednesday after President-elect Donald Trump labeled the outlet “fake news,” a CNBC reporter says.

According to journalist Carl Quintanilla, the shares took a noticeable dip during the president-elect’s first news conference moments after Trump refused to answer questions from CNN Senior White House Correspondent Jim Acosta.

“Your organization is terrible…” Trump said repeatedly. “I’m not going to give you a question. You are fake news.”

Steve Kopack, a social lead for CNBC’s breaking news desk, also stated that shares “fell to session low.”

It wasn’t just pharma/biotech stocks that Trump hit today, when he told @Acosta “you are fake news” $TWX shares fell to session low. pic.twitter.com/z5EwDct7Q1 — Steve Kopack (@SteveKopack) January 11, 2017

While the dip was just “1.2%,” Kopack asserted the incident showed the “power of Trump’s comments.”

“Should be noted that the $TWX move was an approximately 1.2% or $1.10/share move total, but shows power of Trump comments,” Kopack added.

During the press conference Trump also pointed to numerous other journalists in the crowd and similarly branded them as “fake news.”

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