Thursday's trading on Wall Street ended with the Dow Jones Industrial Average rebounding by nearly 100 points. However, Nasdaq was off 7.32 points. For media stocks, the bleeding continued yet again for Comscore. Why? It lost another C-Suite executive.
Sinclair Broadcast Group and Nexstar weren't the only media companies to experience sharp declines in share value on Wednesday. In fact, only Entravision, iHeartMedia, and Tribune Media saw gains as general indices sailed southward.
Wall Street has received an ominous omen courtesy of the bond market, which has -- as Yahoo! Finance puts it -- "flashed its brightest warning signal yet presaging a potential recession." The reaction was swift and painful, and Sinclair Broadcast Group was particularly dinged.
U.S. financial markets enjoyed a strong trading day on Tuesday. But how did media companies fare? One radio broadcasting company saw its shares improve, while another suffered a dip. Which companies are involved?
The week that was wasn't so kind for Entercom Communications. With a Q2 2019 earnings per share miss of 11 cents, compared to what Wall Street analysts expected, ETM shares plunged by 36% in value. On Monday, a further 6% slump was seen, in response to a big dividend cut.
It's interesting what can drive the ups and downs of a publicly traded stock. On Thursday evening, a Barron's associate editor said iHeartMedia stock was "poised to climb" after bankruptcy and its upcoming Q2 earnings report. Behold, IHRT was up by nearly 5% in Monday's trading.
On a day with plenty of downbeat news and stock market declines involving media companies, Townsquare Media was a shining star on Wall Street. Shares climbed 5.5% after the company bested analysts' estimates on both revenue and earnings. As a result, TSQ looks better than BBGI or ETM.
Within the next few business days, Meredith Corp. is expected to release its fiscal Q4 2019 earnings report. With a date still unknown as of noon Thursday, the owner of local TV stations in 12 DMAs -- presently blocked from DISH subscribers -- declared a regular quarterly dividend.
On June 11 RBR+TVBR first told readers that TEGNA is adding to its stable of properties by acquiring the NBC affiliate in Indianapolis; the CBS affiliate in Columbus, Ohio; and an AM/FM combo in the Buckeye State's capital city. The deal just closed.
The troubles only accelerated on Wednesday for Comscore, following a dismal Q2 net revenue miss and the announcement of a partnership with a social media analytics company working with "big brands." Already devalued Comscore shares sank to just above $2.
U.S. financial markets sank on Monday, and the reason is a big devaluation against the U.S. Dollar for China's currency, the Yuan. It's the latest chapter in an intensifying trade war between the U.S. and China, and media stocks were swept up in the red tide.
Here's something we've not seen in a while: The biggest owner of AM and FM radio stations in North America has scheduled a quarterly earnings call, during which it will share its financial results for the three-month period ending June 30.
On Tuesday morning, Townsquare Media will offer its second-quarter earnings report. Zacks Equity Research has been chatting with Wall Street analysts on what they expect, and they aren't anticipating an earnings increase for the company focused on small and medium-sized markets.
If you like big dividends, perhaps acquiring shares of CBS Corp. stock over the next 60 days is of interest to you. CBS Corporation's Board of Directors on Thursday approved a quarterly dividend on the company's stock that could excite some investors.
U.S. financial markets were down on Wednesday after the Federal Reserve decided to lower interest rates. The Dow Jones Industrial Average was off 333.75 points, to 26,864.27. Nasdaq was off 98.19, to 8,175.42. The majority of radio and TV company stocks were also down.