Wednesday may have seen another mixed trading session on Wall Street, but it was a blockbuster day for the No. 1 radio company in the U.S.
Shares of iHeartMedia soared a whopping 38.8%, to $3.54, on heavier-than-average trading volume of 199,815 shares.
The company’s normal trading volume is 36,558 shares.
The gain puts iHeart’s market cap at $111.99 million, and IHRT shares at their highest point since early 2016.
Meanwhile, the struggle continued for Cumulus Media, with the No. 2 radio company by number of stations slipping $0.0069 to finish at $0.4131 cents.
In other activity, Meredith Corp. rose 1.8%, to $62.75, as the company offered a more robust estimate on where its next fiscal quarter and FY 2017 earnings per share will end up.
Nexstar Media Group also had a strong session on Wall Street, closing up 2.3%, to $68.40.
Lastly, Spanish Broadcasting System shares fell below the $1 level due to a 10.6% declined, finishing the day at 93 cents.