Broadcasting Stocks

The wild Wall Street rollercoaster ride that's perhaps more intense than the Coney Island Cyclone roared on Wednesday, as the Dow Jones Industrial Average soared 617.70 points to 25,366.43, and Nasdaq climbed by 208.89 points, to 7,291.59. Radio and TV issues rose. But, Entercom was left out of the gains.

Tuesday's Closing Bell on Wall Street brought some not-so-positive news to investors in Cumulus Media. Come tomorrow morning, CMLS will be opening at its lowest price since it began the resumption of trading on July 30.

If you're a holder of Salem Media Group shares, there's a small bit of news: You're due to receive a cash dividend for Q4 on December 21. Here's the bad news: Salem shares are at a nearly seven-year low. Entravision and Beasley were also beastly on Monday.

Investors were heading into the Thanksgiving Day holiday on a pleasant note, with general indices and many media company stocks recovering on Wednesday following two days of big drops. Cumulus Media was part of the recovery.

After two days of punishing declines, a rebound was seen entering the final hour of trading on Wednesday, ahead of the Thanksgiving Day holiday. It was good news for Beasley Media Group and Entercom Communications.

U.S. financial markets slumped on Monday, with the Dow Jones Industrial Average sliding 395.78 points to 25,017.44, and Nasdaq off 3% with a 219.40-point slump to 7028.48. Many media companies significantly lost ground, including Entercom and Nexstar.

It's been a difficult autumn on Wall Street for AI-powered data attribution firm Veritone Inc., which works with broadcast TV and radio, and one of the radio industry's biggest players: Beasley Broadcast Group. Declines were once again seen on Friday for these two companies.

The Meredith Corp.'s Board of Directors has declared a regular quarterly dividend of significant stature. The decision came during Meredith's annual shareholders meeting, where stock holders elected PBS's President/CEO to the board for a three-year term expiring in 2021.

U.S. financial markets moved downward on Wednesday, as the Dow Jones Industrial Average fell 0.81% to 25,080.50. The Nasdaq composite lost 0.90%, ending the day’s trading session at 7,136.39.

Tuesday brought mixed trading to Wall Street as the Nasdaq index finished at 7,200.88, just 0.01 points higher than on Veterans Day. The Dow Jones Industrial Average was down 100.69 points, however, to 25,286.49. So was Beasley Media Group stock, which fell below an important threshold and is now at its lowest price in more than two years.

The dividend will be paid to qualifying shareholders one day after Entercom shares go ex-dividend and was expected. But, what was not revealed during the company's Q3 earnings call was the value of the dividend to shareholders. The quarterly dividend is in line with previous quarters.

Third-quarter results from iHeartMedia, filed with the SEC late Thursday, were largely positive. However, that failed to move the needle for investors, as its shares lost a penny, finishing at 49 cents. Consolidated operating income surged, with across-the-board improvements seen.

It was a tale of ups and downs for many companies reporting Q3 earnings results this week. For Discovery Communications, gains on Wall Street were seen after the company offered results that beat FactSet consensus estimates. For Entravision, a 19.2% slide in its stock value came following the release of its earnings performance Wednesday afternoon.

Salem Media Group released its Q3 2018 fiscal results immediately after the Closing Bell on Wall Street. The numbers came after Salem stock inched upward. However, it's still nearly half of its year-end target price.

At first, it looked as if Entercom shareholders were satisfied with the company's Q3 earnings. However, that was far from the case. On increasingly heavy volume across Tuesday's trading, shares of ETM swung downward from 10am on, and finally balanced out in the midday hours. When all was said and done, Entercom shares were of 9.99% from Monday's close.