Media companies saw mixed activity on Wednesday, but the downward movement for Sinclair, Cumulus, and Beasley set the tone as Veritone reached a new low following its recent Initial Public Offering.
U.S. financial markets moved downward on Tuesday, as the Dow Jones Industrial Average fell 0.15% to 22,085.27. The Nasdaq composite index lost 0.21%, ending the day’s trading session at 6,370.46.
U.S. financial markets moved ahead on Monday, as the Dow Jones Industrial Average rose 0.11% to 22,118.15. The Nasdaq composite index gained 0.51%, ending the day’s trading session at 6,383.77. Among the key media companies making advancements today are Nexstar, CBS, and Viacom.
The media company that didn't see a reunification with CBS Corp. suffered a bruising session on Wall Street Friday. Viacom shares tumbled 13.8%, to $30.22, on word that subscribers to its cable TV networks will fall by roughly 3% in Q3. That sour news clouded an otherwise good Q2 that saw Viacom beat the Street.
If ever there was a Thursday to throw back. U.S. media stocks, in particular television company shares, got hammered on Wall Street as growing concern over advertising dollars at traditional media — coupled with rough Q2 earnings releases from several companies — sent investors running away.
It was a difficult Wednesday for most publicly traded media companies, as the Dow Jones Industrial Average reached a new high while the Nasdaq composite index was down slightly. Among the big dippers on Wall Street were Pandora Media, Sinclair, TEGNA, and Townsquare Media. There was one gainer: iHeartMedia. Why? It's made a coupon payment on $1.7 billion in 14% unsecured notes due 2021.
U.S. financial markets enjoyed a robust day on Wall Street Tuesday, with the Dow Jones Industrial Average closing at a new record by climbing 72.80 points, to 21,963.92. The Nasdaq composite was up 14.81 points, to 6,362.94. Pacing media stocks on Tuesday were Nexstar Media Group and Beasley Broadcast Group.
It was a difficult day on Wall Street for both Pandora Media and Discovery Communications, as both companies released second-quarter earnings that will likely see displeasure from many shareholders. Also on Wall Street today, Urban One was down, as was TEGNA.
U.S. financial markets ended on a mixed note as Amazon tumbled some 2.5% in Friday's trading, to $1,020.04 per share, on high volume. The dip came on word that the company reported a tremendous miss on its Q2 earnings. Also down on Friday: Entercom.
U.S. financial markets saw a rollercoaster day of activity on Wall Street Thursday, as the Dow Jones Industrial Average climbed 85.54 points, to 21,796.55, and the Nasdaq Composite dipped 40.56, to 6,382.19. Among the key media industry stocks making moves was Sirius XM, which finished the day at a five-year high of $5.83.
It was another banner day for Wall Street, as the Dow Jones Industrial Average climbed 97.58, to 21,711.01, and the Nasdaq Composite grew 10.57, to 6,422.75. Several media companies helped trigger the overall growth, including Sinclair Broadcast Group. Meanwhile, digital player Snap Inc. — parent of Snapchat — sank to a new low.
U.S. financial markets experienced another mixed day on Wall Street, as the Dow Jones Industrial Average gained 100.26 points, to 21,613.43, and the Nasdaq Composite index inched ahead 1.37, to 6,412.17. Among the day's key movers was Nielsen, which dipped 3%. Zacks may be to blame for the decline.
In late-afternoon trading on Monday, Saga Communications shares were off by 2%, to $41.55. Then, the bottom fell out, with "SGA" stock sliding 11% in after-hours trading after the Closing Bell rang on Wall Street. Saga started Tuesday's trading at $37.75. Even with a midday rebound, it's an unusual dip for the media company, which is shedding its TV assets to refocus on small- and medium-sized radio stations. Why could investors be sour on Saga?
U.S. financial markets slipped into the red on Friday, with the Dow Jones Industrial Average down 31.71 points, to 21,580.07. The Nasdaq composite was off 2.25, to 6,387.75. Among the day's key movers was Netflix, which climbed another 2.7% to finish the week at $188.54 per share.
It's been a great July for Nexstar Media Group shareholders, as the company's stock has sharply rebounded from a mid-May swoon. Tomorrow's trading could be even bigger for the broadcast TV company, which today reached a tentative agreement with Sinclair Broadcast Group "on principles" to coordinate the transition of the over-the-air delivery of ATSC 3.0 next-gen TV services in 97 television markets.