Santa Visits Wall Street: Digital Media Stocks Rebound

by Wayne Friedman, MediaPost

(Reuters photo)

Yesterday After a series of major pre-Christmas declines, the stock market recorded sharp hikes in key metrics on Wednesday following the holiday. The Dow Jones Industrials Index surged 5% -- a record 1,000-plus point gain -- to 22,878.

Many analysts say results came from calming assurances that Federal Reserve Chairman Jerome Powell’s job was not in danger, despite reports following President Trump's worrisome tweets.

Top digital media-oriented tech stocks gained more percentage-wise than big stock-market index gains -- leading the way for all media companies.

Amazon was up 9.5% to $1,470.90, while Netflix was 8.5% higher to $253.67 and Twitter added 8.4% to $28.66. Facebook rose 8.2% to $134.18, Apple grew 7% to $157.17 and Google was up 6.5% to $1,039.

Following this were two big TV station groups: Sinclair Broadcast Group, 5.6% higher to $26.62, and Nexstar Media Group, up 5.4% to $75.70.

Bigger, more traditionally oriented media-communications stocks generally followed: Walt Disney grew 5.5% to $105.83; Charter Communications was up 4.6% to $285.70; Discovery Inc. rose 4.4% to $25.55; AMC Networks gained 4% more to $53.87; Dish Network was 3.8% higher to $24.89; and Viacom was up 3.6% to $26.27.

Some media companies improved less -- Comcast was 3.2% higher to $34.14, while CBS was up 3.2% to $43.37; AT&T was 2.6% in the green to $28.08; Verizon Communications added 2.6% to $54.44; and Tribune Media inched up 0.4% to $45.21.

Futures implied Thursday morning that U.S. stocks were headed for declines when they open on Thursday, according to CNBC.

That pullback would do little to dent Wednesday's post-Christmas surge for American stocks.