Media stocks saw mixed activity on Wall Street on Thursday, as Cumulus Media gained a penny to finish at 99 cents per share, and Sinclair Broadcast Group gained 10 cents a share, to end the day at $33.25.
But, the big news among broadcasting stocks again involves iHeart Media, which dipped 2 cents to $1.20. Trading activity was more than double its normal volume, suggesting some institutional activity is at play. At 11:05 a.m., IHRT shares sank to $1.13, before quickly returning to $1.20 – its Opening Bell price thanks to pre-market trading.
Otherwise, it was a sea of red for other major companies, with Viacom off 30 cents, to $38.90, and Pandora Media down 16 cents, to $13.12.
The RBR Radio Index rose 0.323, or 0.05%, to 600.560.
The TVBR Television Index fell 0.323, or 0.03%, to 976.420.
SBS, up 1.6%
Cumulus, up 1.0%
Gray, up 0.9%
iHeart, down 1.6%
Beasley, down 1.6%
Nexstar, down 1.0%