U.S. financial markets enjoyed a positive start to the week. However, it was another up and down session for media stocks — with several of the biggest radio and TV industry companies heading in the wrong direction on Wall Street.
The Dow Jones Industrial Average climbed 178.48, to 24,813.69. The Nasdaq composite was up 52.13, to 7,606.46.
While Viacom’s Class B shares were up 23 cents to $26.94 and CBS gained 13 cents to $50.11, it was a downbeat day overall for media issues.
Entercom finished Monday’s trading at $6.75, off 15 cents.
Emmis declined 25 cents to $5.43.
Also down: Beasley Broadcast Group, slumping 5 cents to $11.40. However, Beasley’s overall performance has been much better than many of its peers, while Emmis is coming off a five-year high.
For Entercom, a five-cent dip to $6.70 in early after-hours trading puts the company’s shares at their lowest point since Q4 2012.
Volume was exceptionally heavy for ETM, at 4.28 million shares; average volume is 2.2 million shares.
Meanwhile, Townsquare Media stock fell 4 cents to $6.11. That’s a fresh five-year low for TSQ, which recovered by in early after-hours trading to $6.16.