U.S. financial markets experienced a miserable start to March 2018, as the Dow Jones Industrial Average plummeted 420.22 points, to 24,608.98, and Nasdaq was off 92.45 points, to 7,180.56.
How did media stocks fare?
TEGNA was up 10 cents, to $12.96, as the broadcast TV company beat the street with its Q4 2017 results.
Salem Media Group was also up, gaining 10 cents to $4.25.
How did other media companies fare? It was ugly.
AI company Veritone Inc.‘s stock swoon continued, with a 8.8% drop to $12.72.
Meanwhile, Entercom shed another 1% in value, with shares dipping to $9.85.
Entravision also had a difficult day, losing 13 cents to $6.35.
Perhaps the biggest dip of the day involves the publicly traded “stub” of iHeartMedia shares. With missed interest payments on its debt and big bonuses going to its top two executives, talk of a Chapter 11 bankruptcy filing made The Wall Street Journal on Thursday. A move could be announced on Saturday.
With that, investors thumbed their noses at iHeart by selling their shares. This sent IHRT’s OTC Pink shares down 21.9%, finishing the day at 43 cents.