The bull parade ran through Wall Street on Wednesday, on news that a big COVID-19 stimulus package is on its way to approval, bringing relief to corporations and individuals whose finances have been battered by the coronavirus pandemic.
For media stocks, many were up big. But, some were noticeably off — including iHeartMedia.
At the closing bell, IHRT was at $7.93, down 12.1% from Tuesday.
Volume was exceptionally heavy, at 1.07 million shares; average volume is 484,721 shares.
While a March 18 finish of $6.38 marks iHeart’s post-bankruptcy low, today’s dip is disconcerting — especially as iHeart made headlines by announcing it has teamed with FOX for Sunday’s special music event designed to provide entertainment relief and support for Americans to help fight the spread of the COVID-19 virus, the The iHeart Living Room Concert For America.
The nation’s biggest owner of radio stations was one of a handful of decliners, as ViacomCBS lost a penny, to $14.74, and Entravision dipped by 7 cents, to $1.95. Saga Communications shed 7 cents, to $28.41.
In contrast, it was a big day for rebounds in the TV sector, as Nexstar Media Group climbed 12.9% to claw its way back to $63.55.
Sinclair Broadcast Group increased by nearly 20%, surging to $19.41.
Then, there’s Townsquare Media, which also enjoyed a bump upwards, ending at $4.87 thanks to a 8.5% gain.
Entercom is now at $1.85, the result of a 25% improvement.
Cumulus Media finished the day’s session at $5.98, up 26.4%.