Media Stocks Have A Case Of The Mondays


It was another mixed trading on Wall Street yesterday, as the Dow Jones Industrials Average climbed 39.58, to 19,796.43 while Nasdaq fell 31.96, to 5,412.54.

The lone bright spot among media stocks was Saga Communications, which hit $49 with a 1% gain. That sent Saga to its highest close since March 2014.

Among the top decliners, aside from CBS and Viacom, were 21st Century Fox, which slid 6.6%, to $26.34, on investor concern that its plans to acquire all of the outstanding shares of Sky for $14.2 billion will strain its balance sheet.

Nexstar was down 4%, to $62.25, as investors expressed unhappiness in the company’s delayed merger with Media General due to the ongoing spectrum auction, which resumes Tuesday morning with Stage 4 of the Reverse Auction.

The RBR Radio Index fell 15.968, or 2.48%, to 628.484.
The TVBR Television Index fell 35.196, or 3.57%, to 951.544.


Saga, up 1.0%
Emmis, up 0.3%


iHeart, down 10.7%
Fox, down 6.6%
Gray, down 6.4%