Friday Gains Bring Back Media Stocks

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U.S. financial markets ended a tumultuous week punctuated over fears of military activity involving North Korea on an upnote, as confident investors helped send the Dow Jones Industrial Average up 14.31, to 21,858.32. The Nasdaq Composite climbed 39.68, to 6,256.56.


Among the day’s key gainers among media companies was Sinclair Broadcast Group, which enjoyed a 2.1% gain to end the week at $31.35. The improvement helped to stem a slide in share value for Sinclair over concerns that its merger with Tribune Media may not happen. A report on broadcast TV advertising trends from Pivotal also put a dent in Sinclair this week. As recently as March 9, Sinclair shares had been flirting with the $43 mark.

Other climbers include Entravision, which saw a 3% jump to $10.20.

Heading in the opposite direction is Beasley Broadcast Group, which saw its shares fall 6%, to $9.35.

But the biggest drop of the day came from Snap Inc. — the parent of Snapchat. Investors reacted harshly to a poor Q2 report from the Venice, Calif.-based company by sending shares downward by a whopping 14.2%, to a record-low $11.82. Volume was exceptionally high, at 83.7 million, picking up steam in the final moments of trading. To make matters worse for Snap, it began after-hours trading on Friday off another nickel, to $11.77.

For a complete look at today’s closing prices, please visit the Wall Street Report on the homepage of RBR.com.


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