The enormous growth seen by Urban One has led seven company directors to sell shares and/or exercise options, "given the movement in the price" of both the company's Class D and Class A shares. The media company superserving African American audiences on Monday saw more volatile activity, with Class A shares dipping by nearly 50% before an after-hours rise.
Some industry observers speculated that Friday's big jump in value for Beasley Broadcast Group shares was thanks to day traders, and was not a sign of a fast-track to long-term recovery for a deeply undervalued broadcast media issue. It turns out that day traders just may have left their mark on BBGI.
Is it day traders seeking a good value? Or, is it something more? Whatever it is, it has people talking about Beasley Media Group's stock price. Through the morning on Friday, BBGI had rocketed up to more than $5 a share before slightly receding from its session peak. The closing price was slightly lower, but still a move in the right direction.
On Wednesday, Urban One — the media company superserving African-Americans — revealed in an SEC filing that it and CEO Alfred Liggins III acquired all of the shares that had been held by Brigade Capital Management. A day later, investors responded with yet another massively positive trading day for UONE and UONEK.
With Urban One's meteoric rise making the most news on Wall Street today, both the Dow Industrials and Nasdaq composite indexes were on the rise. What did other media companies experience on Monday?
Ongoing economic concerns expressed by the Federal Reserve, coupled with fresh jobless claims numbers, sent the Dow Industrials sinking by 6.9% on Thursday. Nasdaq was off by 5.3%. How did media stocks fare? Carnage was seen across the board.
Many of the nation's publicly traded radio broadcasting companies enjoyed a strong start to the week on Wall Street, with Townsquare Media and Cumulus Media each enjoying particularly strong gains on Monday. Two companies lost ground.
It was only a matter of time for Nexstar Media Group shares to recover from their COVID-19 influenced slump on the Nasdaq GlobalSelect market. Who knew that the amount of time it would take for NXST to achieve that feat would be so short?
Surprise! The U.S. economy added 2.5 million jobs in May. This, plus the likely return of NBA and NHL play-by-play in the coming weeks, gave radio industry stocks a much-needed shot in the arm. Friday's Closing Bell found Cumulus Media, iHeartMedia and Entercom all enjoying significant gains. Yet, Beasley Media Group shares were down.
U.S. financial markets were split on Thursday, as the Dow Jones Industrial Average climbed 11.93 points to finish at 26,281.82. The Nasdaq was down 67.10 to 9,615.81. How did media shares fare?
Findings from a survey conducted by Veritone in collaboration with Future Media Entertainment Group suggest a majority of television companies are "embracing" AI and view the technology as "a competitive necessity." Word of the study's findings excited investors, as Veritone stock soared by nearly 10% on roughly twice its average volume.
Curious as to how Salem Media Group fared financially during the first three months of 2020? You'll have your answer on Monday, following the Closing Bell on Wall Street.
U.S. financial markets roared back in today's trading, as the Dow Industrials improved by 553.16 points to 25,548.27. Nasdaq was up 72.14 to 9,412.36 points, while the S&P500 gained 44.36 points, to 3,036.13.
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.
Media stocks were largely on the rise through mid-afternoon on Friday, including Townsquare Media, Sinclair Broadcast Group, Nexstar Media Group, and Cumulus Media. On the other hand, Entercom gave back a third of Thursday's gains. For live in-session trading and Friday's closing prices after 4:10pm Eastern, be sure to visit the Wall Street Report on the RBR.com homepage!