U.S. financial markets sailed southward into the red on Thursday, as the Dow Jones Industrial Average dipped 14.66, to 21,359.90, and the Nasdaq composite index fell 29.39, to 6,165.50.
Among the key media companies seeing movement, iHeartMedia suffered a 8.3% drop, to $1.65, on very light volume of 950 shares—a sign that one key investor sold their shares. Normal trading volume for IHRT shares is 58,520.
The dip is the latest in a roller-coaster ride for iHeart’s stock since May 25. On the following day, IHRT rose to $2.30. Then, it plunged to $1.37—with all of the ups and downs seen on May 26. Since then, IHRT recovered somewhat, reaching $1.95.
But, in the last week, iHeart shares have bounced between $1.65 and $1.80.
The market cap for iHeart as of 3:20pm Eastern on Thursday (6/15) was $149.44 million.
In today’s other market activity, Cumulus Media jumped ahead 2.6%, to 52 cents, while Entercom improved by half a percent, to $10.
On the TV side, Sinclair Broadcast Group (+3.7%, to $36.15) and Tribune Media (+5.3%, to $41.12) moved ahead following the denial of an emergency stay of the FCC’s restoration of the UHF discount by a D.C. Federal Appeals Court.
Meanwhile, Pandora continued its dramatic slide in share value, with a 3.6% dip to $7.30—a record low for P shares, which began trading some six years ago this month. The decline shows that investors are less than pleased with the streaming audio company’s decision to accept a $480 million injection from Sirius XM in a two-pronged stock deal, rather than agree to an all-out acquisition.
For a full look at today’s closing stock prices, simply visit the homepage of RBR.com.