The government reported that retail sales were up 0.5% in July – the best showing in three months. That good news sent stock prices up again, albeit on soft volume. The Dow Jones Industrial Average rose 126 points, or 1.1%, to 11,269. What’s good for retailers is good for the radio and TV stations which carry their ads. Nonetheless, broadcasting stocks were mixed on Friday.
The RBR Radio Index was up 4.143, or 1.5%, to 285.508.
The TVBR Television Index was down 0.827, or 0.4%, to 212.163.
Radio One, up 15.2%
Cumulus, up 9.3%
Gray, up 4.8%
Entercom, down 10%
Entravision, down 8.6%
LIN, down 4.2%