With Comcast, 21st Century Fox, Disney, Time Warner and AT&T dominating the headlines today, how did broadcast media stocks fare on Wall Street?
The market was decidedly mixed, with Nexstar Media Group again enjoying a growth spurt while Townsquare Media was down again.
Nexstar shares finished Wednesday’s trading at $73.03, up 47 cents from Tuesday. This puts NXST at its highest level since mid-February. It also signals that a strong growth period for the TV broadcasting company is underway. NXST was $62.15 on April 30.
Meanwhile, TSQ’s troubles continued on Wednesday, with Townsquare dipping 15 cents to $6.47. In after-hours trading, Townsquare recovered 6 cents, to $6.53.
Townsquare is off a recent low of $6.15, seen on May 28.
And, it is down from a high of $7.93 on March 26.
Meanwhile, look at the jump Netflix just took. At the closing bell, shares were up 4.4% to $379.93, on word from Goldman Sachs that it expects to gain another 30% in value — or perhaps more — over the next 18 months.
CBS Corp. was up $1.88, to $54.26, for a 3.6% gain.
Twenty-First Century FOX gained 7.7% to $43.66 ahead of the after-hours news that Comcast has put in a “superior” bid for its assets after a “New Fox” spin. The Walt Disney Co. was up 1.9% to $106.31.
How did other media companies fare in Wednesday’s trading, visit the Wall Street Report at RBR.com for the details!