Two radio broadcast companies had exceptionally strong trading sessions on an otherwise dismal day for stocks on Wall Street. The Dow Jones Industrial Average was down 237.85, to 20,668.01, while the Nasdaq Composite was down 107.70, to 5,793.83.
It may have been a moribund Monday on Wall Street, but it was a sizzling session for Saga Communications. The owner of radio and television stations...
Cumulus Media, the radio industry's second-biggest player by number of stations, on Thursday afternoon released lackluster Q4 and full-year 2016 results. Investors responded on Friday by sending shares of CMLS down 16.6%.
Although overall activity on Wall Street was mixed, the big gainer on Thursday was iHeartMedia, which climbed an impressive 43.4% and is now past $2 a share. Meanwhile, the situation at tech darling Snap isn't so great.
The day's biggest percentage gainer, by far, was iHeartMedia. Meanwhile, Cumulus Media saw a much-needed climb, with a 17.2% jump in share value.
Blame it on the blizzard? U.S. financial markets were down slightly on Tuesday, as New York City braced itself for its biggest mid-March blizzard in nearly two decades.
Townsquare Media reported both net revenue and net income gains during Q4 and for full-year 2016 on Monday, and that led investors to buy shares in TSQ. At the Closing Bell on Wall Street, Townsquare was up a whopping 13.5%.
Friday's action on Wall Street was marked with sales, as investors opted to cash in on recent improvements from some of the radio and TV industry's key players. At iHeartMedia, shares fell 6.9% after the company enjoyed a nice improvement for the week. Meanwhile, Nexstar Media Group dipped 1.4%, while Meredith Corp. declined 1.6%.
Among the key climbers on Thursday is Viacom, which must have a lucky number -- it climbed 44 cents, to end at $44.44. Sinclair Broadcast Group enjoyed a nice jump. but Cumulus Media continued its downward movement.
The lone media companies to see positive momentum were Tribune Media Co., Beasley Broadcast Group, and Cumulus Media, which finally stemmed its dramatic stock slide with a 4.2% improvement. But, it was a bruising session for Pandora Media, which no longer appeals to much-discussed potential suitor Liberty Media. The parent of Snapchat also had a tough day on Wall Street.
Oh, Snap! The parent of Snapchat slid 12.3%, to $23.77, on Monday to fall below its IPO strike price. There was no immediate word on the downward activity for the tech company. Meanwhile, Cumulus Media had another difficult trading session while Beasley Broadcasting Group enjoyed a gain.
Cumulus Media shares stopped their significant downward slide ... by staying put with an unchanged stock price of 62 cents. Meanwhile, Saga Communications on Friday saw its Board of Directors declare a quarterly cash dividend of $0.30 per share. What were the other big movers among media stocks?
Cumulus suffered another loss in its share value
While iHeart and several TV companies had a strong day, it was another difficult day for Cumulus. Emmis also saw a share decline.
The ongoing yo-yo activity of Spanish Broadcasting System on Wall Street continued on Tuesday, in a positive way