If you thought the snow from Dayton to Dobbs Ferry on Easter Monday morning was depressing, wait until you see how media stocks fared on Wall Street. It was a disastrous day, thanks to worries of a trade war and more chatter from the White House about Amazon and The Washington Post, which it owns. This sent the Dow sinking 1.9% — and many media companies were caught up in the fray.
At the Closing Bell, Amazon was off by some 5.2%, dropping $75.35 to $1,371.99 per share.
Pandora was dinged with a 4.8% drop, to $4.79. For Twitter, a 3.3% dip put the stock at $28.04 at the day’s end. Snap Inc. careened 8.9%, to $14.46.
Radio companies impacted include Beasley Broadcast Group. Shares of BBGI also tumbled by 8.9%, to $10.30.
Entercom stock lost ground as well, calling it a day at $9.45 with a 2.3% decline.
Who was up? Saga Communications, one of the radio industry’s top performers. At the Closing Bell SGA shares were up 40 cents to $37.65. Emmis gained 3 cents to $4.64 per share, while the publicly traded “stub” of iHeart shares was up 4 cents to $0.52.