Media Stocks Gain as Equities Soar Despite Political Uncertainty
Media shares rode the rising tide of equities markets on Thursday as the Dow and other key indices soared despite the uncertainty over the outcome of the presidential election.
The Dow Jones Industrial Average was up more than 600 points in the first hour of trading, or a 2% spike. The Nasdaq gained more than 250 points while the S&P 500 climbed more than 70 points.
Among media stocks, the big gainers of the morning included Nexstar, which reported solid third-quarter earnings before the market opened that assuaged investor fears about the possible collapse of local TV advertising revenue amid the coronavirus pandemic. Nexstar shares were up more than 7% in the first hour of trading to around $87.15.
Netflix harvested a nearly 3% gain to the $510 range. Disney gained 2.2% to hover around $127.60. Comcast also perked up 2% to the $44.60 range. ViacomCBS saw a 3.3% increase taking the stock to the neighborhood of $30.80.
The increases for Big Media and other blue-chip corporate shares come as the nation awaits the results of vote counts in states where the electoral margins between President Donald Trump and his Democratic challenger, Joe Biden, are razor-thin, including Nevada, Arizona, Georgia and Pennsylvania.
More to come