Did Macy’s, Kohl’s Clobber Media Stocks?
Namaste, investors: It’s just one trading session … albeit, a bad one for radio and television companies.
Cumulus Media suffered a 5.5% dip, losing 6 cents to end Thursday at $1.04. Emmis dipped 5.3%, with a 18 cent decline, to $3.24, after the company reported flat fiscal Q3 radio net revenue.
Meanwhile, Nexstar suffered a $2.70 decline, to $62.10. Why? Call it fear of advertising dips from suffering department store owners. Macy’s tumbled 13.9%, to $30.86, after it revealed that December retail sales were soft and that the chain would shudder some 68 stores, cutting more than 10,000 jobs in the process. Kohl’s, a large advertiser, fared worse in yesterday’s trading, sliding 19% ($9.87) per share to $42.01.
The RBR Radio Index fell 11.387, or 1.85%, to 605.413.
The TVBR Television Index fell 16.709, or 1.67%, to 985.316.
Beasley, up 3.8%
Tribune Media, up 0.8%
Saga, up 0.4%
Cumulus, down 5.5%
Emmis, down 5.3%
Nexstar, down 4.2%