At least the week is over on Wall Street. Media stocks were pummeled again as the Dow Jones Industrial Average fell 296.24 to 24,688.31, and Nasdaq dropped 151.12 to 7,167.21. Blame was placed on tech and internet stocks. While Beasley and Viacom’s Class B shares scored important gains, there was red nearly everywhere else.
Beasley Broadcast Group shares are now valued at a considerably higher level than those of Entercom, thanks to a 10 cent climb to $6.61 on Friday.
Meanwhile, ETM is valued at $6.11, losing 30 1/2 cents in a 4.8% dip from Thursday.
Viacom is at $29.98, having rebounded 30 cents from Thursday but still below $30 a share, where VIA-B had been for the last seven weeks.
Then, there is CMLS. Cumulus Media is now at $15.76 per share, its lowest closing price since emerging from debtor-in-possession status.
The woes also continue for Salem Media Group, off 7 cents to $2.90 on Friday. That marks another five-year low for SALM, which was last at this price in early 2012.
The fuel for the downturn: Snap Inc., parent of Snapchat. As Friday’s Closing Bell rang, the company’s shares were at just $6.28, down 10.3% from Thursday. Volume was 79 million shares; average volume is 24.9 million.
Snap has a 1-year target estimate of $9.95 and is down from a year-to-date high of $20.42 seen on February 12.
Meanwhile, Netflix sank to a sub-$300 closing with a $13.04 decline to $299.83.