Red Alert: Wall Street Slide Sinks Most Media Stocks

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Today was a good day for Beasley Broadcast Group shareholders. The radio industry pure-play enjoyed a 1.2% gain, to $12.70, as the company announced Monday that it will report its Q4 2017 results before the Opening Bell on Feb. 12.


For everyone else, it was downright disastrous.

With the Closing Bell on Wall Street, the Dow Jones Industrial Average careened downward by a stunning 1,175.21 points — reflecting a 4.6% loss in value for the index. When coupled with Friday’s steep drop in the Dow, the index is now down some 1,841 points since Thursday’s close.

The Nasdaq composite index tumbled 273.42 to 6,967.53, representing a 3.8% dip in value.

Aside from Beasley and Snap Inc. (up 13 cents, to $13.84), it was a sea of red for media stocks.

Among the biggest drops were those seen by Entercom, which dipped below the $10 mark with a 60-cent loss, to $9.95, despite the glee seen by CEO David Field on Twitter following the Philadelphia Eagles’ victory over the New England Patriots in Super Bowl LII. Field was at the game and snapped a couple of pictures expressing his content for his hometown Eagles’ win.

Also down: Nielsen (-$1.41, to $36.08), Nexstar Media Group (-$1.55, to $73.05), Saga Communications (-$1.55, to $36.55), and Townsquare Media, which hit a new low with a 66-cent drop to $6.55.

The loss was less severe for Sinclair Broadcast Group, which was off 70 cents to $35.55. The company will report its fourth quarter 2017 earnings results at 7:30 a.m. Eastern on Wednesday, Feb. 28, and will host a conference call to discuss the results at 9:30 a.m. Eastern.