U.S. financial markets were largely mixed on Tuesday, with Nasdaq rising 64.44 to 7,130.70, as the Dow Jones Industrial Average dipped 64.10 to 24,099.05.
The mixed activity extended to media stocks. Among the key decliners: Sinclair Broadcast Group, which has retreated to lows not seen since mid-September.
At the Closing Bell, Sinclair shares fell 25 cents a share, ending at $28.10.
That’s off from a $39.80 close seen on Jan. 15, and negates all growth seen since Labor Day.
Furthermore, the downtrend for Sinclair could be its most challenging since September 2016, when shares dipped to nearly $25 after reaching $35 a share in November 2015.
Sinclair has a one-year Target Estimate that’s far above any of these values: $50.71.
ACROSS WALL STREET:
- Tribune Media, the company that Sinclair seeks to merge with, fell by $1, to $36.75.
- Townsquare Media was down 2%, to $7.47.
- Nexstar Media Group saw a much needed gain, rising 1.5% to $63.15 on news that its board of directors has authorized an expansion of its stock repurchase program.
- Beasley Broadcast Group rose 2.2%, to $11.60.