Did Macy’s, Kohl’s Clobber Media Stocks?

By on Jan, 5 2017 with Comments 0

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.

 

Gainers

Beasley, up 3.8%

Tribune Media, up 0.8%

Saga, up 0.4%

 

Decliners

Cumulus, down 5.5%

Emmis, down 5.3%

Nexstar, down 4.2%

 

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About The Author: RBR+TVBR has been reporting on the business of broadcasting for nearly three decades. Beholden to no one, it is independently owned.

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