Tuesday’s trading was full of ups and downs for media companies, as the Dow Jones Industrial Average declined by 36.50 points, to 20,975.78. The Nasdaq Composite index improved by 17.93, finishing at 6,120.59.
Among the day’s key movers was Emmis Communications, as investors cheered the company’s announcement that it was exiting Los Angeles by agreeing to sell KPWR-FM “Power 106” to Meruelo Media.
Emmis shares surged 26.4%, to $3.26.
Meanwhile, Beasley shares slumped by 5% to $8.60, and Townsquare Media shares tumbled by 9.25%, to $10.60, after missing Street estimates with its Q1 results.
For a complete look at today’s activity on Wall Street, please visit the Wall Street Report on the homepage of RBR.com.