Surprise! The U.S. economy added 2.5 million jobs in May, with the unemployment rate falling to 13.3%.
This, plus the likely return of NBA and NHL play-by-play in the coming weeks, gave radio industry stocks a much-needed shot in the arm. Friday’s Closing Bell found Cumulus Media, iHeartMedia and Entercom Communications all enjoying significant gains. Yet, Beasley Media Group shares were down.
At the Closing Bell, ETM was up by 19.2%, to $2.40. The rise for Entercom shares was largely seen across the afternoon hours, and it puts the company’s stock in a position to finish the week at a price last seen on March 9.
The bigger takeaway: Entercom has erased all of its COVID-19 fueled loss in its stock value, with many of its high-profile Sports stations poised to recoup revenue losses through the resumption of pro basketball and pro hockey, based on Friday reports.
For iHeartMedia, shares finished ahead by 11%, to $10.61. It marks the first time since March 13 IHRT was priced at this level and, like Entercom, signals an end to COVID-19 fueled softness in its stock price.
Volume for IHRT was heavy at 3.23 million shares; average volume is 879,000 shares.
Then, there is Cumulus Media, with shares rocketing ahead by 29.2%, to $7.43. It’s the best CMLS has seen since March 10, and as such Cumulus has joined Entercom and iHeart in saying goodbye to its novel coronavirus-infected share prices.
For other radio broadcasting companies, similar growth was seen as of 3:17pm:
- Entravision was up 10.1%, to $1.86.
- Saga Communications was ahead by 9 cents, to $27.08
- Townsquare Media was up by 18.7%, to $5.34
However, the challenges continue on Wall Street for Beasley Media Group.
At the end of the day, BBGI was down 1.7%, to $2.37, on slightly higher than average volume.
Beasley shares have been largely stagnant since mid-April, and are just $1 ahead of the COVID-19 influenced low of $1.37.
On Feb. 3, BBGI was priced above $4 per share; on a five-year chart, Beasley is still near its low for the period.