Another Tough Trading Session For iHeart

By on Dec, 22 2016 with Comments 0

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.

 

Gainers

SBS, up 1.6%

Cumulus, up 1.0%

Gray, up 0.9%

 

Decliners

iHeart, down 1.6%

Beasley, down 1.6%

Nexstar, down 1.0%

 

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Filed Under Broadcasting Stocks

About The Author: RBR+TVBR has been reporting on the business of broadcasting for nearly three decades. Beholden to no one, it is independently owned.

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