Mid-week trading on Wall Street saw continued volatility in the major indices, with the Dow Jones Industrial Average dipping 19.42, to 24,893.35, and the Nasdaq composite index off 63.90, to 7,051.98.
For media stocks, there was much up and down activity. For one tech company that many radio industry staffers are a fan of, the news was very rosy.
That company is Snap Inc., the parent of Snapchat. The company’s shares surged by 47.6% on Wednesday, jumping to $20.75—and closing above its IPO price for the first time since early June 2017.
The jump came on exceptionally heavy volume of 231.5 million shares; normal volume for Snap is 21.9 million.
The surge in share value for Snap comes as the company on Tuesday (2/6) reported a 72% revenue increase in Q4 2017, to $285.7 million—despite a 106% widening of its net loss, to $350 million.
Meanwhile, AI company Veritone Inc. saw its shares slide another 5%, finishing down 79 cents to $15.01. The company’s shares have not been at this level since mid-August, prior to its meteoric rise and fall on Wall Street. Veritone’s Q4 earnings call is set for Feb. 28, following the Closing Bell.
Also down: Nexstar Media Group, which shed $1.20 to end the day at $71.95.
For a complete look at today’s closing prices please view the Wall Street Report on the homepage of RBR.com