Broadcasting Stocks

U.S. financial markets were largely down due to increased coronavirus pandemic worries, fueled by the Miami Marlins, which will not participate in a truncated 2020 Major League Baseball season due to the high number of positive COVID-19 cases among team members and the coaching staff. But, media stocks were mixed, with Entercom rising and Beasley declining.

If there was ever a good example of ending the week on a Wall Street high, The E.W. Scripps Co. offers a great story to share with its Friday performance on the Nasdaq Global Select exchange.

One week ago, Salem Media Group shares closed at $1.05. Two weeks ago, SALM stock was at $0.96. It appeared that a mid-June rally, nearing its best year-to-date performance, had sputtered. Then, on July 17, Salem shares suddenly got electrified. On Thursday, that spark continued. Afternoon trading was hot. Volume was more than five times its normal action.

The Board of Directors for broadcast TV station group TEGNA on Wednesday declared a dividend payable Oct. 1 to shareholders of record as of the Closing Bell on Sept. 4. With its Q2 earnings report set for release August 10, the generous shareholder reward comes as TEGNA's stock appears to have settled in to a "new normal" in COVID-19 times.

On Friday, Salem shares suddenly rose, and the growth continued through Monday's Closing Bell. It brought SALM to its highest closing price -- $2.13 -- since June of last year. On Tuesday, the magic faded for Salem. Similarly, iHeartMedia shares were down sharply on Tuesday. But, there are key differences between why each of the companies saw share declines.

While general market indices were slightly higher on Monday, Beasley Broadcast Group shares were off sharply. Why?

Even the COVID-19 pandemic and a deflated share price couldn't prevent Nielsen's Board of Directors from declaring a very healthy dividend to its stock holders.

U.S. financial markets were largely downward on Thursday, as the Nasdaq and the Dow Industrials averages each lost ground. For media stocks, however, there was a lot of upward momentum.

The broadcast TV station owner on Tuesday revealed when it will announce its second-quarter earnings report, and hold a conference call for Wall Street analysts.

Until 3pm Eastern Monday, all seemed pretty tame for Entercom Communications shares, as far as normal trading sessions go. Then, a downward spiral transpired, sending ETM down 10 important cents as the Closing Bell rang on the NYSE. In midday trading on Tuesday, Entercom shares were down again.

A COVID-19 treatment from Gilead Sciences that's showing promise as a worthy anti-pandemic treatment helped U.S. financial markets finish the week on a positive note. Beasley Media Group and Entercom were up, following big Thursday dips. But, iHeartMedia was down slightly.

It's another episode of "Wall Street Weak" for two of the nation's largest audio media companies. On a day full of red, both Beasley Media Group and Entercom Communications experienced sharp day-over-day decreases in their respective stock values.

The novel coronavirus' surge in cases across key states including California, Arizona, South Carolina and Florida is making Wall Street investors a little bit nervous. The Dow Industrials fell 1.5% to 25,890.18 on Tuesday, while Nasdaq was down 0.9% to 10,343.89. For media stocks, most were in the red. One stands out for a gain: The E.W. Scripps Co.

By mid-April, Beasley Broadcast Group stock was firmly in the mid-$2 range. Then, on June 16 and again on June 19, Beasley gained attention for big spikes in value that brought shares back to pre-COVID valuations. It appears the rally was short-lived. With Monday's trading now complete, shares appear to be heading toward a 10-week low.

One month from Wednesday, the nation's largest owner of broadcast TV stations will deliver its second quarter financial report card. Will it trigger another dip in share value, or will the results help propel the company's stock back above the $100 mark?