Cumulus Media is no longer in debtor-in-possession status. It's a new day at the company led by CEO Mary Berner. Yet, its stock is at its lowest closing price since it emerged from Chapter 11 protection. Meanwhile, Entercom at the Closing Bell just staved off another recent low, while Beasley shares are sputtering.
The Dow Jones Industrial Average gave up 327.23 points, to 25,379.45. Nasdaq was off 157.56, to 7,485.14. How did radio and TV issues do? Click here for more.
The Dow Jones Industrial Average fell 91.74 points to 25,706.68 in Wednesday's trading. Nasdaq was off 2.79, to 7,642.70. Broadcast media issues saw climbs and dips, while Netflix shares enjoyed a sharp rebound and are back to where they were before October 4.
On July 16, Tribune Media shares nosedived after it became known that it would not be proceeding with its planned merger with Sinclair Broadcast Group. One month later, investors reassessed the situation -- and became believers in Tribune once again as it seeks a new suitor. On Wednesday, Tribune officially closed at its highest point since that unfortunate summer's day.
U.S. financial markets rebounded sharply on Tuesday, with the Dow Jones Industrial Average climbing 547.87 points, to 25,798.42, and Nasdaq rising by 214.75 points, to 7,645.49. All media issues but three rode the positive wave. The decliners: Saga, Salem and Cumulus Media
On June 11, shares of Veritone Inc., which is rapidly expanding its business relationships with radio and TV broadcasting companies, reached $23.06 after a series of ups and downs seen across the first half of 2018. So far, the second half of 2018 looks quite ominous for shareholders. A 3% on Monday puts the AI-powered attribution company's stock at a new 52-week low.
On December 1, 2016, Beasley Broadcast Group shares were at $6.15, and on the rise after being at $3.84 on April 1 of that year. With less than an hour to go in Friday's trading on Wall Street, nearly two years of gains in Beasley shares have been wiped out, with BBGI back where it was 23 months ago.
The woes on Wall Street continued on Thursday, as the Nasdaq composite index fell 92.99 points to 7,329.06, following a steep dip on Wednesday fueled by strong losses among tech industry stocks. The Dow Jones Industrial Average shed 2.1% of its value, falling 545.91 points to 25,052.83. How did media issues fare?
As Hurricane Michael lashed Panama City Beach, Fla., and towns to the east of this onetime Spring Break haven, lower Manhattan was swept up in a wave of sell-offs in the technology and internet sector. The Nasdaq index sank by more than 4%. Impacted by the big dip: Veritone Inc., among other companies.
U.S. financial markets were relatively quiet on Tuesday, as the Dow Jones Industrial Average dropped 56.21 points to 26,430.57. Nasdaq was up 2.07 points, to 7,738.02. For media stocks, activity was also mixed, with Nexstar slipping below $80 and Pandora inching toward $9.
On New Year's Day 2018, Beasley Broadcast Group shares were riding high at just under $14 — record territory for the company. Beasley's stock was largely above the $10 mark for 6 1/2 months. Then came a steep dip that sent BBGI tumbling into the $6 range. Is the addition of Greater Media stations in key markets including Boston and Detroit indirectly tied to the stock swoon?
U.S. financial markets finished the first week of Q4 2018 on a downbeat note, as the Dow Jones Industrial Average dipped 180.43 points, to 26,447.05. Nasdaq was off 91.06 points, to 7,788.45. Media shares were mostly on the decline.
Among the media companies that have struggled of late on Wall Street, Salem Media Group is perhaps one of the more notable operators. On Thursday, the owner of conservative talk and Christian-themed radio stations saw its shares drop to a level that brings its perilously close to a new five-year low.
In mid-August 2017, before a remarkable surge and slide of Veritone Inc. shares seen across the following six weeks, the AI recognition company's stock was hovering in the low-$8 range. Veritone stock soared to $65.91 by the end of September, only to wither by early November 2017 -- the last time VERI saw a close above $30. Now, Veritone is heading in the wrong direction on Wall Street.
Don't look now, but Spanish Broadcasting System shares are back to where they were in early December 2017. That's not good news, with shares now below 15 cents in value. On Tuesday, a 39% decline in value raised eyebrows.