Wall Street Swamped By Red Tide As Nasdaq Crumbles

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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.


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