U.S. financial markets sank on Monday, and the reason is a big devaluation against the U.S. Dollar for China’s currency, the Yuan.
It’s the latest chapter in an intensifying trade war between the U.S. and China, and media stocks were swept up in the red tide.
As of 3:10pm Eastern, the Dow Jones Industrial Average was down an incredible 3.5%, losing 936.42 points to 25,548.59. Nasdaq was off by 4%, with a 317.12 decline to 7,686.96.
The losses for radio and TV companies were widespread with under an hour remaining in Monday’s trading.
As of 3:12pm, the following stock activity was seen:
Cumulus Media $13.30 (-$0.76)
Entercom $5.18 (-$0.12)
iHeartMedia $14 (-$0.75)
Nexstar Media Group $96.76 (-$2.01)
Nielsen $21.67 (-$1.06)
Townsquare Media $5.32 (-$0.19)
Sirius XM Satellite Radio $6 (-$0.34)
Meanwhile, Comscore hit another new record low, falling $0.1250 to $3.0950.
The lone gainer: Beasley Media Group, which gained 5 cents to $3.20 following the release of Q2 earnings that saw improved net revenue on lower net income.