U.S. financial markets rebounded sharply on Tuesday, with the Dow Jones Industrial Average climbing 547.87 points, to 25,798.42, and Nasdaq rising by 214.75 points, to 7,645.49. All media issues but three rode the positive wave.
The decliners: Saga Communications, Salem Media Group and Cumulus Media, which is down significantly in early after-hours trading.
At Tuesday’s Closing Bell, Cumulus dipped by 2 cents, to $16.49. Then, in immediate after-hours trading, an additional 13 cents were lost, bringing Cumulus shares to $16.36.
That’s the lowest price seen for CMLS since Sept. 10, when a momentary dip to $16.10 proved to be the bottom for “new Cumulus.” The company’s shares returned to Nasdaq on July 30. They peaked at $20.90 on August 30.
There’s no clear indication as to why Cumulus may be trending slightly down.
At Saga, shares finished Tuesday at $36, off 19 cents. The radio industry pure-play is experiencing an up-and-down 2018, yet is still one of the strongest performers on Wall Street, compared to its peers.
Even so, Saga is just $1 above its 52-week low and one year ago was priced at $45.70.
At struggling Salem, a 2-cent decline brings SALM shares to $3.20.
That is just 10 cents above Salem’s 52-week low and continues a downtrend from a July 2 price of $5.95.