The ongoing COVID-19 pandemic hasn't thwarted broadcast media company Gray Television from finalizing its plans regarding the release of its Q1 2020 fiscal results. A date and time are affirmed. What can investors expect?
With the first Seder commemorating the Jewish holiday of Passover set to begin after sundown Wednesday and Good Friday just 48 hours away, some holiday spirit made its way to Wall Street. Many media company stocks were up. What companies saw the biggest gains?
U.S. financial markets were softer, overall, on Tuesday as the Dow Industrials fell 26.13 points to 22,653.86, and the Nasdaq was off 25.98 points, to 7,887.26. However, most radio and TV broadcasting companies saw their stocks improve. Unfortunately, one media company suffered another serious drop in its stock price.
Wall Street's wild rollercoaster ride continued on Monday, with the Dow Industrials soaring by 7.7% to 22,679.99, and the Nasdaq rising by 7.3%, to 7,913.24. Most radio and TV companies rode the wave. Which ones saw the biggest gains on Monday?
In one of the worst trading sessions seen in recent memory for a media company, Entercom Communications on Friday suffered a 36.2% decrease in its stock value. With an astonishing 5.45 million shares traded against average volume of 996,657 shares, ETM ended the week at just under 83 cents per share. It's the lowest price ever seen, except in October 2008.
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.
With the exception of Urban One, which enjoyed a nine-cent gain to $1.20, and Emmis Communications, up a penny to $2.01, radio and TV companies were swept up in a general sell-off on Wall Street. The kickoff of the second quarter of 2020 was full of declines, as the Dow Industrials slid 4.4%.
With physical distancing the "new normal," it was only a matter of time before an annual shareholders' meeting for a broadcast media company took a virtual turn. The first company to publicly make the move: the Camarillo, Calif.-based entity known for Christian-themed and conservative talk audio programming.
Friday's signing of a federal coronavirus stimulus package did nothing to fed off the latest sell-off of stocks on Wall Street. The Dow Jones Industrial Average was down 915.39 points, to 21,636.78. Nasdaq was off 295.16 points,to 7,502.38. Many radio and TV issues were down. But, some companies were actually on the rise.
National Amusements, Inc., has largely directed the fortunes and future of what is now ViacomCBS. It is Shari Redstone who wanted Bob Bakish to lead the recombined companies, not a CBS Corp. C-Suiter. It is her that a block of any reunification of CBS and Viacom under former CEO Les Moonves never occurred. Now, however, NAI is "losing some of its ability to borrow money."
The bull parade ran through Wall Street on Wednesday, on news that a big COVID-19 stimulus package is on its way to approval, bringing relief to corporations and individuals whose finances have been battered by the coronavirus pandemic. For media stocks, many were up big. But, some were noticeably off -- including iHeartMedia.
The U.S. Senate late Sunday failed to convince Democrats to sign off on a federal stimulus package aimed at curbing steep losses for American business and individuals. To little surprise, Wall Street continued to contract in Monday's trading.
It's been a difficult March for a bevy of broadcast media stocks. On Friday, on heavy volume, Beasley Media Group shares suffered a 32.7% slide in value. As a result, BBGI is at a fresh 10-year low, with a closing price last seen in February 2009.
Call it the "COVID-19 Limbo Rock." With some asking Wall Street, "How low can you go?," investors on Wednesday largely abandoned their positions in many of the media industry's biggest companies. With the Dow 30 off 6.3% to 19,898.92 and the Nasdaq down 4.7% to 6,989.84, some familiar radio companies' shares are in unfathomably low pricing funks.
U.S. financial markets rebounded on Tuesday, following Monday's market meltdown. How did radio and TV companies fare? There were notable decreases ... and increases.