Media Stocks Slip As Overall Market Gains
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.
Fox, up 1.8%
Tribune Media, up 1.1%
Cumulus, up 1.0%
Entercom, down 3.3%
Sinclair, down 2.1%
CBS, down 1.8%