It was a tale of two industries on Wall Street today, as Nexstar Media Group broke the $80 mark once again with a healthy gain. At the same time, shares for the No. 2 commercially licensed owner of radio stations — Cumulus Media — dipped to another post-bankruptcy low.
For Nexstar, a 1.9% climb puts shares at $80.91. That’s good news for the owner of broadcast TV stations and reported suitor of Tribune Media, which saw its shares dip below $80 on Nov. 16, falling to $71.27 on Nov. 20.
Now, one wonders if the small dip was part of Nexstar’s natural rise in value seen across the last five years, when a short fall backward resulted in a big catapult forward.
Nexstar’s 1-year target estimate is $91.82, and December could see the company make it — an achievement that would put NXST at a record high.
For Cumulus, a 7.7% decrease on Thursday put shares at $12 a piece.
Again, trading for CMLS is scant, and just 2,079 shares moved on Thursday.
Nevertheless, the company’s shares are now at their lowest since emerging from debtor-in-possession status and its July 30 resumption of trading on Nasdaq.
How did other companies fare on Wall Street? Visit the Wall Street Report on the homepage of RBR.com for today’s closing prices, and live activity during each business day.
