For years, the refrain, “Sell on Rosh Hashanah, Buy on Yom Kippur,” has persisted as a popular Wall Street superstition. Or, is it?
With the Jewish New Year ready to start on Sunday at sundown, investors continued to sell off their shares across the board on Friday. In the media sector, only one company — the radio pure-play with interim CEO Warren Lada — was in the green.
That would be Saga Communications, the company founded by the late Ed Christian that recently announced an additional increase of its dividend, along with a special dividend.
This news likely continues to excite shareholders, including lead investor Towerview LLC, led by Daniel Tisch.
At the close of Friday’s trading session on the Nasdaq, SGA was up 2 cents to $27.64. That’s roughly $1 lower than its year-to-date high, seen in late August. But, it also compares to a closing price of $22.94 just six months ago.
Otherwise, Friday’s trading was awash in red, as Audacy Corp. struggled to remain above $0.40. Cumulus Media was trading at $7.36, down 30 cents, while iHeartMedia declined by 77 cents to $7.99. Eleven days ago, IHRT closed at $10.65 and was noted by RBR+TVBR for its resiliency on Wall Street.
In the TV sector, Gray Television was trading at $16.15, down 64 cents; Sinclair Broadcast Group, which could be on the hook for millions of dollars in fines for children’s television programming rule violations with the FCC, was at $20.18, down by 74 cents.
For a full glance of today’s closing stock prices, simply look at the Wall Street Report on the homepage of RBR.com!
