Don’t look now, but it appears one of the nation’s top broadcast TV station owners is on the verge of a big-time rebound.
Nexstar Media Group shares have seen a steady rebound since bottoming out on May 3 at $61.20. With Monday’s market close, NXST is back where it was in late February, and within $10 of its all-time high.
On exceptionally high volume of 1.25 million shares, Nexstar rose $2.20 a share to finish Monday at $72.80.
What was the reason for this jump? Nexstar goes ex-dividend on May 10, and has not made any significant announcements.
But, the company did participate in the 10th annual entertainment and broadcasting conference hosted June 7 by Gabelli & Company in New York.
As such, it appears Nexstar was successful in touting its pluses to the Wall Street investment community.
How did other media companies fare on Wall Street? Visit RBR.com’s homepage to view the Wall Street Report.