Cumulus Back In ‘Danger Zone’ As TV Shares Rise

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Friday saw mixed trading again on Wall Street, as the Dow Jones Industrials Average slipped 8.83, to 19,843.41. Nasdaq was off 19.69, to 5,437.16. However, TV companies saw upward movement, with Tribune Media rising 0.95%, to $35.09, and Viacom up 1.3% to $39.50 on news that Sumner Redstone will be stepping down as a voting member of the company’s board of directors.


Sinclair gained 2.6%, to $33.25, while iHeartMedia jumped 6.9%, to $1.39.

On the flip side, Cumulus Media is in the danger zone again, falling 5.2% to $1.09.

Among key retailers of note, Kohl’s Corp. sank nearly 8%, to $51.14, after JPMorgan Chase downgraded Nordstrom to “underweight,” from “neutral,” and had its price target cut to $48, from $55.

 

The RBR Radio Index fell 5.108, or 0.83%, to 612.603.
The TVBR Television Index rose 4.462, or 0.46%, to 973.309.

 

Gainers

iHeart, up 6.9%

Sinclair, up 2.6%

Radio One, up 1.8%

 

Decliners

Cumulus, down 5.2%

Beasley, down 4.0%

SBS, down 2.7%

 

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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.