Overall gains on Wall Street seen Wednesday failed to include many broadcast media companies, with Nexstar Media Group falling sharply on very high trading volume before rebounding slightly in immediate after-hours trading.
At the closing bell, Nexstar shares slid 1.8%, to $75.60, ending a surge in value for NXST that brought the company a record high of $79.80 on Dec. 20.
Some 1.14 million shares were traded on Wednesday; average trading volume for Nexstar is 732,276 shares. Nexstar stock carries a 1-year target estimate of $86.80.
In other activity on Wall Street:
- Cumulus Media shares continued to wither, slipping another 11% to $0.061 as the company works out a Chapter 11 bankruptcy reorganization plan in a New York Federal court.
- The “stub” of publicly traded iHeartMedia shares have been on an up-and-down slide of late. On Wednesday, they retreated 8.9%, to 50 cents.
- Sinclair Broadcasting Group was off 3.1%, to $36.