A January 2020 employment report showing 225,000 new positions created in the month — greatly besting economic forecasts and flying in the face of widely reported layoffs at such companies as iHeartMedia — couldn’t deter a downswing for general indices on Wall Street.
The Dow Jones Industrials Average was down 277.26 points, to 29,102.51.
Nasdaq was off by 51.64 points, to 9,520.51.
How did radio and TV stocks perform on Friday?
Townsquare Media is at $10.25, thanks to a 13-cent gain. It’s the best finish since October 2017 for TSQ.
Meanwhile, Sinclair Broadcast Group was off 5.8% to $29.26 in Friday’s trading before recovering with a 8-cent after-hours gain to $29.34.
Volume was extremely high, as investors a full year of gains; SBGI was at $31.37 on Feb. 4, 2019 and had peaked at $61.81 on May 6, 2019.
The dip for Sinclair, now a Pearl TV member, clouds the appointment this week of Steven Zenker as VP of Investor Relations.
Also falling on Friday: The E.W. Scripps Co. (-3.9%, to $12.97) and Nexstar Media Group (-3%, to $122.21).
Overall, it was a poor day for most media companies. On the plus side, however, was Beasley Broadcast Group, rising 1% to $3.90.