With roughly one hour left in Tuesday’s trading session on Wall Street, the company poised to become the No. 1 owner of broadcast TV stations is of 3.3% from Monday’s close.
If the activity stays the same at the Closing Bell, this will put Nexstar Media Group under the $100 mark for the first time in a month.
A retransmission consent stalemate with AT&T could be to blame.
Since the July 4 “blackout” of its stations across a host of DMAs by AT&T-owned DirecTV, DirecTV NOW and U-Verse, NXST has been on a bit of a roller-coaster ride. On July 12, a $110.53 close was seen following a small dip on July 9 to $106.15.
One week later, with a swift resolution of the retrans impasse no longer likely, NXST started to dip.
As of 3:13pm Eastern on Tuesday (7/23), Nexstar is at $99.54, down $3.51 per share from Monday.
The fall comes on the heels of a July 19 Zacks Equity Research report that asks if Nexstar or Netflix is the better value stock at the moment.
“NXST’s earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook,” it says.
In fact, Nexstar has a value grade of B, whereas Netflix’s value grade is a big, fat F.
“NXST is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model,” it said. “Based on the above valuation metrics, we feel that NXST is likely the superior value option right now.”