Leave it to CNBC to thrust a stock price forward, or downward. An early morning report featuring RBC Capital Markets lead technology analyst Mark Mahaney that featured his opinion that a merger between Sirius XM and Pandora makes the most strategic sense led shares in “P” up 3%, to $13.78, in Tuesday’s trading. Sirius XM shares climbed 1.9%, to $4.41.
The E.W. Scripps Co. enjoyed a 3.5% rise, to $17.57, as company executives talked up their love of TV at the UBS conference in midtown Manhattan.
Meanwhile, Nexstar was up a healthy 5.5%, to $62.70, on word that the American Cable Association (ACA) met Dec. 2 with the Chief of Staff to FCC Commissioner Ajit Pai regarding ACA’s call to prohibit Nexstar from receiving a waiver to close its acquisition of Media General prior to the end of the Broadcast Spectrum Incentive Auction, which is heading to Stage 4 of the Reverse Auction next week.
The RBR Radio Index fell 7.141, or 1.11%, to 633.285.
The TVBR Television Index rose 14.134, or 1.49%, to 965.719.
Nexstar, up 5.5%
Gray, up 3.9%
Beasley, up 3.8%
SBS, down 13.3%
Cumulus, down 1.9%
Entravision, down 1.5%