The parent company of Nickelodeon, BET, MTV and Comedy Central saw a much-needed boost in its beleaguered stock price on Friday, as Viacom's Class B shares rebounded 5.8%. Viacom shares closed at a five-year low on Thursday, amid cord-cutting concerns — and an impasse with Charter Communications' Spectrum systems.
U.S. financial markets dipped on Thursday, and TV industry companies did their part in dragging down the overall market, as fears over cord-cutting viewed by AT&T impacted others. Viacom sank to a five-year low with a 2.6% dip, but they have more than cord-cutters to contend with right now: It needs a new accord with Optimum by Sunday night or its channels go dark in NYC and L.A., among other locales.
U.S. financial markets once again ended on a high note, as the Dow Jones Industrial Average climbed 42.21, to 22,872.89. Nasdaq was up 16.30, to 6,603.55. Media stocks were once again mixed, with Fox falling following investor concerns that it will lose viewers to the 2018 FIFA World Cup now that the U.S. has crashed out of the qualifying stage for the tournament.
Investors are once again expressing confidence in a solid Wall Street performer that recently became the newest pure-play radio broadcasting company in the U.S. After a shaky summer that saw its shares dip from $49.25 on June 1 to $37.75 on July 24, Saga Communications is clawing back toward the $50 range.
U.S. financial markets started the week on a negative note, as the Dow Jones Industrial Average and the Nasdaq composite index both declined in Columbus Day trading in New York. Media stocks were paced by Viacom, which slid 6.4% after a financial analyst lowered their rating on "VIA" stock to Sell, from Neutral.
A solid Q2 performance shows that turnaround strategies implemented by Cumulus President/CEO Mary Berner are working. However, Wall Street remains wary of Cumulus' towering debt, and the company's stock and stockholders' equity levels are too low for Nasdaq to keep CMLS stock on the exchange. Cumulus is appealing the twin reasons for a delisting, but does it have any option left aside from an OTC Markets move?
U.S. financial markets ended the week on a soft note, as the Dow Jones Industrial Average inched downward 1.72 points, to 22,773.67, while the Nasdaq composite was up 4.82, to 6,590.18. Among the big movers on Friday was AI specialist Veritone Inc., which in the last five weeks has soared in value, only to quickly give back more than half of those gains.
For the first time in two years, Netflix is raising its prices on its mid-range and top-tier subscription plans. Investors liked the move, sending the company's shares soaring by nearly 5.5% in trading on Thursday. Meanwhile, the "stub" of publicly traded iHeart shares was down as Cumulus stock saw a much-need climb, even if small.
U.S. financial markets continued their upward march on Wall Street Wednesday, as the Dow Jones Industrial Average improved by 19.97 points, to 22,661.64, and the Nasdaq Composite index grew by 2.91 points, to 6,534.63. Helping to push the market forward were several broadcast TV companies.
Broadcast media companies saw plenty of up and down movement on Wall Street Tuesday, as the Dow Jones Industrial Average improved 84.07, to 22,641.67, and the Nasdaq composite index gained 15 points, ending the day at 6,531.71. Among the key movers were iHeartMedia, Beasley Broadcast Group, and Veritone Inc., which dipped 6% to continue its highly volatile trading activity.
U.S. financial markets surged on Monday, with the Dow Jones Industrial Average soaring 152.51, to 22,557.60, and the Nasdaq Composite index rising 20.76, to 6,516.72. Among the key gainers was Veritone Inc., rebounding 9.4% after a topsy-turvy end to a fiery September for the AI tech company. Today's catalyst for Veritone's gain on Wall Street is none other than iHeartMedia.
On March 15, iHeartCommunications commenced private offers to eligible lenders under its Term Loan D and Term Loan E facilities to amend the existing term loans and exchange them for new securities of iHeartMedia and CC Outdoor Holdings and/or iHeart Communications. The nation's No. 1 radio broadcasting company has had no luck with the exchange offers, offering extension since April 5. Another extension was announced late Thursday.
Is AI tech company Veritone, which is increasingly working with broadcast media companies, overheated on Wall Street? One investment house says yes, resulting in a huge plunge in share value after an exceptional month of growth. Veritone stock continued to fall back to Earth on Thursday, and shares have lost half their value since Wednesday's Opening Bell.
Cumulus Media in late March received a de-listing notice from Nasdaq for failing to have its stock close at a minimum $1 per share for more than month. It initially had until May 5 to comply, and then received a 180-day extension. With a big dip on Wall Street for CMLS shares on Wednesday, the company could do another reverse stock split or jump to a lesser stock exchange.
CBS Corp. shares slumped 3.4% on Tuesday, as did shares for DISH Network. On the flip side, it was a positive trading session for Saga Communications, while AI tech firm Veritone soared yet again, finishing at yet another high.