Pandora Premium, previously accessible via invite only, is now available to all listeners via the App Store and Google Play. That didn't seem to excite investors, as shares in "P" were off 1.6% in trading Tuesday. Also down again: Cumulus Media.
It was a strong start to the week for much of Wall Street on Monday, as the Dow Jones Industrial Average jumped 183.67, to 20,636.92, and the Nasdaq Composite gained 51.64, to 5,856.79 while Canadian and U.K. markets were closed for the Easter Monday bank holiday. It wasn't such a strong start for Cumulus Media, however.
With U.S. financial markets closed in observance of Good Friday, RBR + TVBR reviewed the trading landscape for radio and television broadcast companies and took the pulse of two industries that are equally challenged by digital media but could have very different futures. What are the publicly traded media companies investors should keep an eye on in Q2, for better or for worse? Here's what we determined.
It was a down day for most media stocks on Wall Street on Thursday, as the Dow Jones Industrial Average declined 138.61, to 20,453.25. The Nasdaq Composite was off 31.01, to 5,805.15. While most media companies were down, both Beasley Broadcast Group and iHeartMedia each enjoyed a healthy climb in their stock price.
Geopolitical jitters sent U.S. financial markets downward for a second straight session on Wednesday, as Cumulus Media continued to struggle and iHeartMedia dipped below $3 a share.
The company enjoyed a 4.1% climb on Wall Street yesterday in a quiet session that saw the Dow Jones Industrial Average slip 6.72, to 20,651.30. Meanwhile, Cumulus shares fell again and are just above 27 cents per share.
Cumulus Media's stock continued to dip into uncharted waters on Monday, as investors sold their shares in the nation's No. 2 radio broadcast company by number of stations. At the closing bell on Monday, CMLS shares were down 13.3% on word that it has until Oct. 2 to avoid a Nasdaq delisting.
Saga Communications continued its strong performance on Wall Street Friday, enjoying a 20-cent climb, to $50.85. With a market cap of $298 million, Saga is one of the strongest radio pure-plays on the U.S. financial markets, and is at a level not seen in three years.
It was a relatively quiet Thursday for publicly traded radio and TV broadcast companies on Wall Street, as the Dow Jones Industrial Average improved 14.80, to 20,662.95. Viacom was among the companies that saw gains. SBS saw its woes continue.
While most media stocks fell in Wednesday's trading, Beasley Broadcast Group was up 20 cents, to $12. Also up was CBS Corp., which gained 31 cents, to $69.51. Other key movers include Cumulus Media, which hit a new low.
U.S. financial markets saw small overall gains on Tuesday, while media stocks showed little movement in a quiet trading day on Wall Street.
U.S. financial markets started the first trading day of April on a downbeat as the Dow Jones Industrial Average fell 13.01, to 20,650.21. The Nasdaq composite was down 17.06, to 5,894.68. Among the key movers was Townsquare Media.
U.S. financial markets ended the week with a whimper on Friday, as the Dow Jones Industrial Average fell 65.27, to 20,663.22, and the Nasdaq Composite declined 2.61, to 5,911.74.
U.S. financial markets enjoyed a strong Thursday session on Wall Street, as two media companies continued to see another day full of growth. The Dow Jones Industrial Average improved 69.17, to 20,728.49. The Nasdaq Composite was up 16.80, to 5,914.34.
It was a strong day on Wall Street for two media companies. Spanish Broadcasting System, however, wasn't one of those companies. The company's stock continued to plummet on Wednesday, with a nearly 22% decline seen in lower-than-usual trading.