Beasley Broadcast Group was the first of the publicly traded radio broadcasting companies to share their Q3 2017 earnings results (except for Emmis, which follows a different fiscal year). Beasley’s Q3 was largely positive. Yet, investors are in a selling mood.
At the Closing Bell on Wall Street, BBGI shares finished Tuesday’s trading down 10%, finishing at $9.45.
That’s a steep drop for Beasley, which was trading above $12 a share until Oct. 18 and hasn’t traded at this level since late August.
There’s no immediately clear explanation for the dip, other than its Q4 forecast: Poor comps will likely make it a tough one for Beasley — and all other broadcast media companies up against political dollar differences and a lack of Olympics ad dollars, with respect to TV companies.
Also down was iHeartMedia. The “stub” of publicly traded stock dipped 6.9%, to $1.35.
On the flip side, Nexstar Media Group is on another growth spurt, finishing up 1.6%, to $63.80 on Tuesday. This brings Nexstar back to its pre-August doldrums.
For a full look at today’s closing prices be sure to visit our Wall Street Report on the homepage of RBR.com!