Saga Communications has been a standout success on Wall Street in recent months. That’s why its $1.30 per share slide on Tuesday, to $49.85, is somewhat of a surprise.
Trading volume was nearly double its average, and with the company’s Q4 2016 and full-year results set for release on March 7, some investors may be simply making a profit off a stock that’s at its highest trading levels in three years.
In the day’s other trading highlights, Viacom enjoyed an 80-cent gain, to $44.25, while Pandora Media gained 43 cents, to $13.52.
The RBR Radio Index fell 3.375, or 0.55%, to 606.955.
The TVBR Television Index rose 3.587, or 0.36%, to 1000.842.
Gainers
iHeart, up 5.5%
Fox, up 1.9%
Emmis, up 1.7%
Decliners
Radio One, down 3.4%
SBS, down 3.0%
Beasley, down 2.8%
