It was a banner day on Wall Street for overall indices, as the Dow Jones Industrial Average soared 145.34 points to 26,656.39 points and Nasdaq was up 105.56 points, to 8,120.82. While Twitter soared 15.6% and Kohl’s had a huge one-day gain, three radio companies fell hard.
For Twitter, a tremendous $5.37 gain to $39.76 was seen on outstanding volume of 101.82 million shares; average volume is 17.38 million.
What happened to the president’s fave form of communication? Twitter surpassed consensus expectations in its Q1 results and, importantly, saw a gain in user engagement.
Meanwhile, retailer Kohl’s enjoyed its strongest performance since a mid-November dip by gaining $8.06 a share, to $75.51. Trading was five times its average volume with 15.3 million shares moving.
What’s moving Kohl’s? It just expanded its relationship with Amazon.com.
Meanwhile, the woes continue for three big radio companies. Beasley Broadcast Group share were down 2.9% to $3.70, but were back up by 3.5% to $3.83 in early afterhours trading on Wall Street. A late-session dip was highly noticeable for BBGI.
Then, there is Salem Media Group, which sank 7.5% to a new low of $1.85 — also precipitated a late-session sell-off. Some 200,100 shares were moved; normal trading volume is 30,991.
This sell-off does not bode well for Salem, now at a new five-year low. In fact, it was July 2009 when Salem was priced at this level.
Meanwhile, Cumulus Media shares dipped 5.6% to $16.98 on heavier than usual volume of 72,587 shares; average volume is 52,664 shares. This is CMLS’s lowest closing price since February 25.