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.
The overall mood for investors was positive on Tuesday, as the Dow Jones Industrial Average and Nasdaq both posted higher numbers. iHeartMedia continued to climb, while Cumulus continued to slide.
Viacom saw a strong trading day, with a 2.9% gain coming on a Barron's report predicting that the company's shares would jump 40% as it refocuses on its core brands. After the Closing Bell on Wall Street, Barron's prediction just may have some merit: The company has hired veteran motion picture industry executive Jim Gianopulos to head its troubled Paramount Pictures unit.
A mixed trading session on Friday for overall stocks was mirrored in the media sector, as iHeartMedia continued its recent growth spurt, gaining 2%. In contrast, Spanish Broadcasting System (SBS) suffered a 7.8% dip.
With the confirmation that former CEO Lew Dickey Jr. on Monday resigned as Vice Chairman of Cumulus Media's Board of Directors, investors continued to sell their shares of the company's stock. On a positive note, Saga Communications climbed 2.2% in Thursday's trading on Wall Street.
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.