U.S. financial markets saw a strong rebound from last week's steep sell-off, as the Dow Jones Industrial Average improved by nearly 1% and Nasdaq saw a 1.4% improvement. What about media stocks? Cumulus Media and CBS Corp., among other companies, were up.
U.S. financial markets moved ahead on Monday, as the Dow Jones Industrial Average rose 96.58 to 26,916.83. The Nasdaq composite index gained 59.71, ending the day’s trading session at 7,999.34.
Gray Television investors on Thursday demonstrated their approval of a decision by the broadcast TV company's Board of Directors to allow Gray to repurchase up to $150 million of outstanding common stock and/or Class A common stock through the last day of 2022.
On April 23, a $117.65 close marked a new high on Wall Street for shares of Nexstar Media Group. Over the next several months, the broadcast TV company's stock price would recede before gaining steam once again, repeating a pattern seen across the years for NXST. If midday trading on Thursday is any indication of what's to come for Nexstar, a fresh all-time high for the stock is inevitable.
With Wednesday's Closing Bell on the NYSE, Townsquare Media finished the day with its best closing price in some 2 1/2 years. It puts the local media company in the driver's seat as it prepares to announce when it will release its Q4 and full-year 2019 financial results.
With the company mired in negative news stories ranging from the untimely exit of the KROQ-FM in Los Angeles morning show to COVID-19 fueled job reductions across its entire operations, the last 30 days haven't been kind to Entercom. Investors aren't making things any easier.
May 26 was a banner day for Cumulus Media, as investors reacted positively to a short-term shareholder rights plan designed to stave off a hostile takeover by an entity seeking to take advantage of its abnormally low share value. By 2:10pm, shares rocketed as high as $6.32 before cooling off somewhat. Still, a 25.2% gain was seen before a small after-hours dip.
Oh, Snap! The parent of Snapchat slid 12.3%, to $23.77, on Monday to fall below its IPO strike price. There was no immediate word on the downward activity for the tech company. Meanwhile, Cumulus Media had another difficult trading session while Beasley Broadcasting Group enjoyed a gain.
It was a stellar Thursday on Wall Street for most major issues, as the Dow Jones Industrial Average climbed 174.22, to 20,578.21, and the Nasdaq Composite was up 53.74, to 5,916.78. But, the troubles continues for Spanish Broadcasting System as Cumulus Media stemmed its downward trajectory and Beasley Broadcast Group and Emmis Communications each enjoyed strong sessions.
Nexstar Media Group shares have seen somewhat of a decline since Sinclair's announcement that it intends to acquire Tribune Media, and the dip resumed in a big way on Wednesday.
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.
It was bruising Thursday trading session for publicly traded television companies, and the Mouse House may have them trapped in a downward spiral under the spell of nervous investors. That's because The Walt Disney Co. is reportedly set to cut 300 jobs from ABC, and O&O stations are a part of the downsizing plan.
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.
With Entercom head David Field emerging as the industry's biggest cheerleader and advocate and marketers rediscovering the power of AM and FM radio, 2018 looks to be a pivotal year for growth. Unfortunately, the troubles at iHeartMedia and Cumulus Media have unfairly clouded the entire industry. Most radio companies were down in Thursday's trading. Four radio companies were up following Thursday's Closing Bell -- and that shows savvy among some investors.
Nexstar Media Group, which recently broke the $80 barrier, isn't the only TV industry winner on Wall Street. What are the other publicly traded television companies bringing big dividends to investors? RBR+TVBR conducted a performance review, and here's what we've found.