Media Stocks Slip As Overall Market Gains

By on Jan, 6 2017 with Comments 0

Radio and television companies could not be buoyed by a strong jobs report that sent the Dow Jones Industrials Average up 64.51, to 19,963.80. The Nasdaq composite index jumped ahead 33.12, to 5,521.06.

Among the key decliners was Pandora, which dropped 4.2%, to $12.47, as Silicon Valley daily newspaper The Mercury News suggested “the market isn’t putting much credence in the latest Pandora-as-an-acquisition speculation.”

Entercom lost 50 cents, to $14.85, while CBS Corp. stumbed 1.8% ($1.19) to $64.29. The drop came even as Loop Capital analyst David Miller raised his price target on CBS shares, from $67 to $77.

Meanwhile, the two biggest radio companies eeked out gains, with Cumulus gaining 1 cent, to $1.05, and iHeartMedia also rising a penny, to $1.16.

 

The RBR Radio Index fell 2.613, or 0.43%, to 602.800.
The TVBR Television Index fell 4.913, or 0.50%, to 980.403.

 

Gainers

Fox, up 1.8%

Tribune Media, up 1.1%

Cumulus, up 1.0%

 

Decliners

Entercom, down 3.3%

Sinclair, down 2.1%

CBS, down 1.8%

 

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About The Author: Adam R Jacobson is a veteran radio industry journalist and advertising industry analyst with general, multicultural and Hispanic market expertise. From 1996 to 2006 he served as an editor at Radio & Records.

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