Broadcasting Stocks

Wednesday's magic word for media companies was "mixed." Up and down activity abounded, with Sinclair Broadcast Group down as investors reacted to a somewhat downbeat Q3 report card issued early Wednesday by the company seeking to merge with Tribune Media. Emmis Communications was up, while Entercom and iHeart each declined. Click here for the details.

Beasley Broadcast Group was the first of the publicly traded radio broadcasting companies to share their Q3 2017 earnings results (except for Emmis, which follows a different fiscal year). Beasley's Q3 was largely positive. Yet, investors are in a selling mood.

Investors decided to take advantage of a good third-quarter earnings report from Beasley Broadcast Group by profiting, rather than buying. BBGI shares opened on a down note, and didn't recover by the time the Closing Bell rang on Wall Street. The day's other big news involves Cumulus Media. The news isn't pretty.

After a huge surge in its stock price on Thursday, Cumulus Media shares headed in the opposite direction on Friday, giving back much of its gains. The dip renews concerns about the fiscal health of the No. 2 radio broadcasting company.

U.S. media companies publicly traded on Wall Street ended the week on a somber note, as Viacom's Class B shares dipped 2.5%, as the company struggles to reverse itself from a five-year low in its stock value.

The unusual and surprising release of preliminary Q3 earnings results from Cumulus Media was met with an immediate response from Wall Street investors: Buy! At one point in the first 30 minutes of trading, Cumulus shares were up 100%. At the closing bell, they finished with a 57.7% improvement.

U.S. financial markets largely retreated in mid-week trading on Wednesday, as the Dow Jones Industrial Average fell 112.30 points, to 23,329.46, and the Nasdaq composite index dipped 34.54, to 6,563.89. Media stocks weren't immune to the overall dips, as Viacom once again lost ground.

Stocks traded higher on an overall level Tuesday, as the Dow Jones Industrial Average climbed 167.80, to 23,411.76, and the Nasdaq composite gained 11.60, to 6,598.43. But, media stocks didn't participate in the gains, with many publicly traded radio and TV companies creating a sea of red on Wall Street. Among the decliners is Viacom, which fell 2.5%. That's more bad news for the company, as it struggles to overcome a five-year low.

U.S. financial markets dipped on Monday, as the Dow Jones Industrial Average lost 54.67 points to 23,276.96, and the Nasdaq composite index was off 42.23, to 6,586.83. Media stocks were largely down, with Viacom's Class B shares dipping 1.5%.

U.S. financial markets ended the week on a largely positive note, as the Dow Jones Industrial Average climbed 165.32 points, to 23,328.36, and the Nasdaq composite index gained 23.99, to 6,629.05. Helping the overall market with a big gain was CBS Corp. The company that's initiated a final stage in its Reverse Morris Trust-fueled spin-off of CBS Radio and eventual merger with Entercom enjoyed a 1.9% gain.

U.S. financial markets finished Thursday's trading on a mixed note, as the Dow Jones Industrial Average inched ahead 5.44, to 23,163.04, and the Nasdaq Composite index fell 19.15, to 6,605.07. Among the key gainers for broadcast media stocks was the "stub" of iHeartMedia shares, while Entercom Communications suffered a 4.2% decline.

The rollercoaster performance of AI-fueled technology firm Veritone Inc. continued Wednesday, as the company's stock sharply rebounded after dipping to $29.20 at the Closing Bell on Tuesday. Veritone shares shot up 27.5%. In other activity on Wall Street, the "stub" of publicly traded Spanish Broadcasting System stock -- "SBSAA" -- dipped by 9.8%

While all eyes are on Entercom Communications and its "transformative" merger with CBS Radio, some analysts and investors have their eye on the two most visible -- and fiscally challenged -- radio broadcasting companies in the U.S. And, it wasn't a great day for either company on Wall Street.

Investors seem pleased that Viacom pay-TV channels such as Nickelodeon, BET, Comedy Central and MTV won't be yanked from Charter Communications Spectrum systems across the U.S. The company's stock finished Monday in positive territory, after losing ground in midday trading.

Meredith Corp., the owner of broadcast TV stations across the U.S. that's also focused on women's brands, will report its fiscal 2018 Q1 results on Thursday, Oct. 26, before the Opening Bell on Wall Street.