If ever there was a Thursday to throw back.
U.S. media stocks, in particular television company shares, got hammered on Wall Street as growing concern over advertising dollars at traditional media — coupled with rough Q2 earnings releases from several companies — sent investors running away.
At the Closing Bell, Sinclair Broadcast Group finished down a whopping 8.6%, to $31.90.
The E.W. Scripps Co. was also a big decliner, sliding 8.1%, to $17.91 on rough second-quarter results.
The losses didn’t stop there: TEGNA tumbled 4.9%, to $13.32, while Nexstar dipped 5.1%, to $61.90.
Also down in a big way was Grey Television, off 5.9%, to $13.60.
Was there any good news on Wall Street? Yes — and it came from the darling of the radio industry, Saga Communications. Thanks to Q2 results that were better than its peers, the soon-to-be radio industry pure play was rewarded.
At the Closing Bell, Saga shares were up 3.3%, to $40.30.
For a complete look at today’s closing prices, be sure to visit the Wall Street Report on the homepage of RBR.com.