Beasley Swims Against Red Tide On Wall Street
It was a decisively down day on Wall Street for media stocks, as the Dow Jones Industrial Average slid 111.36, to 19,833.68, and the Nasdaq composite index dipped 48.89, to 5,438.56.
But, Beasley Broadcasting Group bucked the down trend for radio and TV companies, and enjoyed a 5.5% gain, climbing 34 cents to $6.60 a share.
The only other media company to see a gain on Wednesday was Hemisphere Media Group. The owner of WAPA América and Cine Latino saw a 3.2% improvement, to $11.20.
Cumulus Media dropped 2.9%, to fall back to the dangerous $1 mark. Meanwhile, iHeartMedia slid 3.2%, to land at $1.21.
Other key decliners include Salem Media Group, off 3.1%, to $6.25.
The RBR Radio Index fell 6.662, or 1.09%, to 602.735.
The TVBR Television Index fell 9.059, or 0.91%, to 981.270.
Beasley, up 5.4%
iHeart, down 3.2%
Salem, down 3.1%
Cumulus, down 2.9%
Filed Under Broadcasting Stocks