Media companies enjoyed a mixed trading session on Wall Street today, with DISH Network nose-diving 2.4%, to $64.58, as investors reacted to a Monday decision from an Illinois judge that handed the company a $280 million fine for making illegal “robocalls.”
For Pandora, shares sank by 7.75%, to $8.74, as talk continued about a possible $100 million investment from Verizon, which would put to rest any merger with Sirius XM. Pandora trading was heavy with 20.36 million shares exchanging hands; normal volume is 9.05 million shares.
It’s been a difficult six months for Pandora investors, and today’s close puts shares of “P” at a 180-day low. In fact, Pandora shares haven’t been this low since Nov. 1, 2012.
On the flip side, Saga Communications and Townsquare Media each ended the day with gains in their respective stock prices. Saga gained 40 cents, to $49.55, while Townsquare shares rose 37 cents, to $10.39.
For a full look at today’s activity on Wall Street, please visit the homepage of RBR.com and visit our Wall Street Report.