With the clock approaching Noon on the East Coast, Sinclair Broadcast Group‘s stock price was in a free-fall.
As of 11:30am Eastern Friday (8/23), SBGI was off by more than 3%, dipping $1.38 per share to $43.01.
By the closing bell, a mild recovery had been seen, driven by the closing of Sinclair’s purchase of RSNs from Fox. A 2.9% decline was seen, bringing SBGI to $43.10.
A 2-cent gain was seen in immediate after-hours trading Friday.
With today’s drop the run-up to $61.81 on May 10 has officially been erased, with Sinclair shares now lower in value than at any point since early April.
The dip could be tied more to the overall market’s behavior and economic trends than anything else.
As of 11:48am Eastern the Dow Jones Industrial Average was down 428.15 points to 25,824.09 as investors reacted to a statement from President Trump suggesting U.S. companies “start looking for an alternative to China,” erasing nearly 50 years of economic partnership pioneered by former President Nixon.