Media companies saw mixed activity on Wednesday, but the downward movement for Sinclair, Cumulus, and Beasley set the tone as Veritone reached a new low following its recent Initial Public Offering.
Sinclair shares were off 2%, to $31.10, while Cumulus Media shed two important pennies to close the day at 41 cents.
Also down was Beasley Broadcast Group, and BBGI shares declined 40 cents, to $10.50.
There were gainers on Wednesday, however, as iHeartMedia improved 3.6%, to $1.45, and Nexstar Media Group gained another 2% to finish at $64.20 to continue a long-term rebound from a May stock swoon.
Meanwhile, Netflix was down 1.5%, to $175.78, on word that The Walt Disney Company would be launching its own over-the-top (OTT) service for Disney-themed theatrical releases. The announcement seemed to hurt the Mouse House more: In after-hours trading Disney shares were off another 0.6%, to $102.10, after closing down nearly 4%, to $102.78.
Lastly, Veritone shares sank 4%, to $8.67, as the AI-fueled advertising intelligence firm hit a new post-IPO low. Following its initial public offering, Veritone rose to $14.89 as recently as May 19. Veritone on Monday reported a much wider net loss in Q2 of $25 million ($2.94 per diluted share), compared to $7.4 million seen prior to the IPO.
For a full look at today’s closing prices, please visit the Wall Street Report on the RBR.com homepage.