Oy … That’s the only thing we can say when looking at the activity on Wall Street Friday for several publicly traded media companies.
The downward movement continued for Salem Media Group, which started the week at $6.10 and landed at $5.15 at the Closing Bell — an investor reaction to a less-than-stellar Q3 earnings report.
Meanwhile, all eyes were again turned to Cumulus Media‘s shares, which were down 16% at the close of trading on Friday, to 30.25 cents.
CBS Corp., just a week away from shedding its CBS Radio segment, was off 2.3%, to $56.73.
Meanwhile, investor sentiment turned sour on Townsquare Media, after the company’s co-CEOs noted this week during its Q3 earnings call that it is exploring strategic alternatives for its events and festivals arm — the very unit that attracted an investment from Madison Square Garden Entertainment in 2016. As of 2:55pm Eastern, TSQ shares were off 8.7%, to $7.76. The dip erases all gains since June 2016 for Townsquare shareholders.
Meanwhile, the highly volatile Wall Street activity for Veritone Inc. since its IPO earlier this year continues, as the AI company saw its stock plummet 13.8%, to $22.07.
Finally, iHeartRadio‘s publicly traded “stub” of stock recovered somewhat from a sharp dip to 55 cents on Thursday with a 47.3% gain, to 81 cents.
For each trading day’s stock prices as they trade and the Closing Prices after 4pm Eastern, please visit the Wall Street Report on the homepage of RBR.com.