U.S. financial markets improved in Wednesday’s trading, with Nexstar Media Group leading the way for media companies in a positive mid-week trading session on Wall Street.
The broadcast TV company enjoyed a 4.1% gain, finishing at $60.15. The rise above the $60 mark suggests investors have regained confidence in Nexstar’s growth opportunities and its ability to remain a leader—now that a merger between Sinclair Broadcast Group and Tribune Media is being delayed or could potentially be scuttled as a D.C. federal district court reviews the return of the so-called “UHF discount” by the FCC.
Nexstar hasn’t traded above $60 since May 12.
Today’s volume was 947,144 shares; average volume is 687,684 shares.
Sinclair shares also saw a nice gain, rising 3.3%, to $34.75. Tribune Media was up 0.8%, to $39.16.
Meredith Corp. was also a top performer on Wednesday, rising 2.1%, to $55.70.
Key radio industry companies saw slight losses, with Entercom declining 1.9%, to $10.10.
Meanwhile, Pandora shares continue to see severe erosion in their value, dipping 3.2% to $8.47. Volume was exceptionally high, at 26.97 million shares; normal volume is 9.3 million shares. It was July 2012 when shares in “P” were last at this trading level.