Mixed Monday Sees Tech Stock Drop
Investors once again shied away from technology stocks, as the Nasdaq composite index dipped 18.72, to 5,218.40 and the Dow Jones Industrials Average climbed 21.03, to 18,868.69.
Pandora Media dipped 2.7%, to $10.66, down from $14.77 in early October. Amazon (down 2.7%, to $719.04) and Apple Inc. (off 2.5%, to $105.71) were also the top decliners.
On the plus side, Cumulus Media surged by 19 cents, to $1.23, while Sinclair Broadcast Group grew by $1.40, to $31 per share.
Entercom slipped 1%, to $14.40, on news that EVP/CFO Steve Fisher is stepping down, effective Feb. 28, 2017. In the role since 1998, Fisher is 64 and will continue to be involved with Entercom by providing consultative services to the company. “After 18 years, the time felt right to move on,” Fisher said. “Entercom is a great company with a superb team and an exceptionally strong balance sheet that leads the industry. I am proud to have been a part of this winning team over the years.”
The RBR Radio Index rose 9.126, or 1.58%, to 587.905.
The TVBR Television Index rose 17.782, or 1.93%, to 939.309.
Cumulus, up 18.3%
Tribune, up 5.4%
Sinclair, up 4.7%
Beasley, down 3.8%
iHeart, down 2.7%
Salem, down 1.6%