Interest Rate Cut Result: A Big Dip For Media Stocks


U.S. financial markets were down on Wednesday after the Federal Reserve decided to lower interest rates. The Dow Jones Industrial Average was off 333.75 points, to 26,864.27. Nasdaq was off 98.19, to 8,175.42. The majority of radio and TV company stocks were also down.

But, there were some climbers — namely¬†iHeartRadio, which gained 3.2% to $14.96.

Saga Communications gained 0.6%, to $31.36, by adding 19 cents.

Lightly traded Urban One¬†— with a 7.4% gain to $2.31 — was in positive territory.

Viacom’s Class B shares were off 2%, to $30.35, while apparent matrimonial partner CBS was down 2%, to $51.51.

Cumulus Media fell 1%, to $15.11. At Entercom, a 1.4% decline to $5.68 was seen.