Wall Street Swamped By Red Tide As Nasdaq Crumbles


As Hurricane Michael lashed Panama City Beach, Fla., and towns to the east of this onetime Spring Break haven, lower Manhattan was swept up in a wave of sell-offs in the technology and internet sector.

The Nasdaq index sank by 4.1% with a 315.97-point dip, to 7,422.05.

The Dow Jones Industrial Average dipped by 3.1%, falling 822.54 points to 25,608.03.

Impacted by the big dip: Veritone Inc., among other companies. The AI-powered media attribution specialist saw its shares tumble by 10.8%, to $8.13. That’s perilously close to its low of $7.87 seen on August 18, 2017.

Volume was slightly higher than average, at 162,587 shares.

Household names such as Amazon were the big decliners, however. Amazon stock slid 6.2%, to $1,755.25; Apple was down 4.6%, to $216.36. Even Netflix was swept up in the red tide, falling 8.4% to $325.89.

Media stocks couldn’t escape the slaughterhouse.

Entercom shares lost 4.3% of their value, declining to $6.985. Entravision shares were off 3.9%, to $4.52.

For Beasley Broadcast Group, a 6.2% decline sent BBGI shares downward, to $6.31.

In fact, the lone gainers included Urban One — rising 4 cents to $2.60 — and iHeartMedia, which gained a half a penny to $0.385.

For a glance at the performance of all media stocks, please see the Wall Street Report on the homepage of RBR.com.