A Red Day For Media Stocks


U.S. financial markets slumped on Monday, with the Dow Jones Industrial Average sliding 395.78 points to 25,017.44, and Nasdaq off 3% with a 219.40-point slump to 7028.48. Many media companies lost ground, including Nexstar.

At the Closing Bell, NXST was down 6.8%, dipping to $73.62. However, shares were up 65 cents to $74.10 in immediate after-hours trading on Monday.

Trading volume was heavy at more than 889,000 shares; average trading volume for Nexstar is 493,740 shares.

There was no immediate reason why Nexstar’s stock was down. In fact, many media companies saw their stocks in sell-mode on Monday.

For Entercom, today’s trading was punishing, as the company saw its stock plummet 10.2%, to $6.37.

Volume was 2.85 million, compared to average volume of 1.14 million.

Again, there was no clear indicator as to why ETM shares slid so far, and to its second-lowest price in five years.

Other decliners include Beasley Media Group (off 4.2%, to $5.53), Cumulus Media (down 2.5%, to $12.60), and Snap Inc. (down 44 cents to $6.05).

Not all was bad for broadcast stocks: Saga Communications gained 1.4%, to $36.45.