Sinclair, Salem Buck The Red Trend


It was a decidedly down day for media stocks once again on Tuesday, with several companies losing ground from Monday’s close.

However, Sinclair Broadcast Group and Salem Media Group enjoyed gains.

At Tuesday’s Closing Bell, SBGI shares were up 2.6%, to $35.60.

Meanwhile, Salem was up 1.1%, to $4.45.

Otherwise, it was a difficult session for Pandora, which dipped 5.9% to $4.56 following a bruising downgrade by Morgan Stanley analyst Benjamin Swinburne.

For the publicly traded “stub” of iHeartMedia, shares slid 16.1%, to $0.52 cents.

There was also a dip on Wall Street for Discovery Communications, which is moving is global headquarters to New York in the second half of 2019. Shares of DISCA were off by 3.2%, to $21.65. This ended a recent rally from a low of $16.52 on Oct. 30, 2017.