On a day when the titans of tech lost ground on Wall Street, many traditional media companies, including radio, had a bit of a rally. After a stock selloff on Friday, tech companies continued to tumble Monday, including the so-called FANG stocks: Facebook, Amazon, Netflix and Google.
Facebook dipped 1.2% to $148.44, Amazon fell 1.4% to $64.91, Netflix lost 4.2% to close at $151.44 and Google (Alphabet, Inc.) dipped 0.86% to $961.81.
By comparison, Beasley Broadcast Group jumped 2.4% to $10.70, Emmis grew 2.2% to $3.29, Entravision ticked up 1.7% to $6.05, Saga inched up 0.5% to $50.45 and Urban One jumped 9.3% to $2.35.
Wall Street also smiled on big traditional TV-media companies, with CBS climbing 3.2% to $62.65, Viacom rising 1.9% to $36.09 and Comcast, up 0.69% to $40.90. News publishers also had a good day with Scripps, Meredith and Gannett all up. Also participating in the rally were TV station groups Sinclair Broadcast Group, Tegna and Nextsar Media Group.
Following a three-year climb, investors chalked up the two-day tech stock declines to an overdue breather. “There was no real catalyst; I just think there has been a psychological change,” Julian Emanuel, a stock market strategist with UBS Securities in New York, told The New York Times. “Even though the long-term earnings picture with these stocks is favorable, there is discomfort with the disproportionate gains in these stocks.”
The technology-heavy NASDAQ composite index closed down 0.5% on Monday while the broader Standard & Poor’s 500-stock index also ticked down, off 0.1%.