Word that three leading Democrats on the House Energy & Commerce Committee have accused FCC Chairman Ajit Pai of favoritism toward Sinclair Broadcast Group reached Wall Street on Monday afternoon.
That news didn’t sit well with investors, as the company’s stock slid 3.8%, to $30.15, with minutes to go before the Closing Bell.
The sell-off began just past 11:30am Eastern, the time when an announcement from the House E&C Democrats was distributed to the media, including RBR+TVBR.
For other media companies, dips and jumps were seen on Monday. Salem Media Group fell 2.9%, to $6.65, as investors continued to express concerns over the conservative and Christian-themed media company’s Q2 results.
Nexstar Media Group fell 1.5%, to $63.20, while Veritone Inc. dipped 1.1% to $8.23.
On the upside was Saga Communications. The shining star of Wall Street among radio companies, SGA shares gained 2.7%, to $40.30.
Additionally, iHeartMedia gained 5.3%, to $1.79.
For a complete look at today’s closing prices, please visit the Wall Street Report at RBR.com’s homepage.