Broadcasting Stocks

Get ready for another financially focused soliloquy from Ed Christian. He'll be leading Saga Communications' third quarter earnings call on the first Wednesday in November.

U.S. financial markets finished the week on a down note, as investors sought to digest the news that President Trump and the First Lady have each tested positive for the COVID-19 virus. How did media stocks fare? Click "read more" for a glance at Friday's final prices.

According to the Atlanta-based company, it earned $208 million in gross proceeds -- slightly lower than what the audio media operation that owns AM and FM stations and the Westwood One national radio business will earn once further closings are completed.

On July 23, Salem Media Group shares shot up to $2.34 per share -- the highest level seen for the conservative radio and publishing company's stock since June of last year. Unfortunately, SALM has receded in value ever since, and today is right back where it was in mid-July.

Tuesday saw gains from Urban One, Salem Media Group and Saga Communications -- all of which have seen considerable struggles of late on Wall Street. Dipping were Townsquare Media Group and Nexstar Media Group, among others.

What does Smart Money think about TEGNA? That's a question posed by Wall Street blog Insider Monkey, and it specifically looks at hedge funds to determine its answer. What's the conclusion?

With 30 minutes remaining in Monday's trading on Wall Street, Cumulus Media shares suddenly jumped past the $5 mark after ho-hum trading across the day, which is the Yom Kippur Jewish Day of Atonement. As such, the media company has ended a short period of sub-$5 trading activity.

The situation on Wall Street for the company led by Ed Christian and Sam Bush is far from bright, with respect to Saga shares. They're down by more than $6 a share since the start of August, and since mid-August have largely been below the COVID-19 fueled dip seen at the start of the pandemic.

The woes on Wall Street continued Thursday for audio media company Beasley Media Group. A new 52-week low was seen, and at 11:30am Eastern shares reached $1.15 -- a price last seen in early February 2009.

With Thursday's announcement that The E.W. Scripps Co. is merging with ION Media, investors responded with tempered celebration. Shares in SSP were up in pre-market trading, but down across the day.  Still, Wall Street observers are hailing the marriage -- including a Kagan senior analyst.

As broadcast TV companies such as Nexstar Media Group have seen their stock values fully recover from the COVID-19 influenced swoon of six months ago, the radio industry has failed to experience the same recovery. For Beasley Media Group, Tuesday's closing price for its stock is far worse than its March 23 dip -- and a low not seen since early 2009.

With Nexstar shares flying high, the company founded and led by Perry Sook is poised to reveal its Q3 2020 earnings results on November 5.

U.S. financial markets sank across Monday's trading session, as discussion focused on a series of questionable financial transactions between U.S. and European banking institutions and renewed concerns over the COVID-19 virus prompted by lockdowns in Dublin and Madrid. Media stocks were swept up in the red tide.

U.S. financial markets ended September 18 on a downbeat note, as the Dow Industrials lost 244.56 points, to 27,657.42 while the Nasdaq was down 116.99 points to 10,793.28. Media stocks were largely down, too, although Entercom and Entravision gained ground.

On Monday, Wall Street started the week strong, with the Dow Industrials rising by 327.69 points, to 27,993.33, and the Nasdaq index up 203.11 to 11,056.65. How did media stocks fare?