In an otherwise dismal day for stocks, two broadcast media companies focused on radio saw highly impressive gains.
Thanks to a strong Q4 and full-year 2016, as reported Tuesday morning, Beasley Broadcast Group soared 14.1%, to $11.50, on higher-than-average volume of 83,560 shares. Normal volume is 17,850 shares.
The jump puts Beasley stock at its highest level in more than a decade.
Meanwhile, iHeartMedia had a stellar session, surging an incredible 37.8%, to $2.55 a share. Volume was staggering, at 527,500 shares; average volume is 27,840.
There was no immediately clear reason for the jump.
On the flip side, the struggles at Cumulus Media continued, with shares falling an additional 10.7% on Tuesday, to 42 cents.
Other decliners include Nexstar Media Group, off 1.9%, to $39.15, and Viacom, down 1.8%, to $42.10.
