The Dow Jones Industrial Average rebounded slightly after Wednesday’s steep losses, climbing 401.13 to 24,984.55, while Nasdaq gained 209.94 to end the day at 7,318.34. A great Q3 report from Twitter propelled tech stocks, while most media issues saw modest gains. For iHeartMedia, a 9.3% dip was seen for a stock already worth pennies.
First to Twitter, which saw its shares surged 15.5% to $31.80 on news that its earnings came in at 21 cents per share on an adjusted basis, beating consensus estimates by 7 cents.
For IHRTQ, which has a debtor-in-possession ticker symbol until iHeart emerges from Chapter 11 bankruptcy protection, shares dipped by 4 cents to $0.39.
iHeart shares have been under $.50 since mid-September, and have been under $1 since Nov. 17, 2017.
Among the other key climbers are CBS Corp., which enjoyed a $1.40 gain to $54.68; Entercom, which rose 17 cents to $6.41; and Beasley Media Group, up 11 to $6.51.
Meanwhile, Salem Media Group shares closed under $3 with a six-cent dip to $2.97.
It was February 2012 when SALM shares last closed below $3.
Trading was active with 115,427 shares traded; average volume is 77,533 shares.