IRVING, TEXAS: Nexstar Broadcasting Group shares jumped more than 60 percent in trading today before settling down to a 40 percent gain at around $2.60. Nexstar was the most active stock during the morning on the NASDAQ, moving a volume of 449,000 shares over the course of trading, TransWorldNews said.
Nexstar (NASDAQ: NXST) had been trading since the end of July between $1.25 and $1.50. Up to that point, it had spent 2009 at less than $1. Many broadcast stocks were up today, while the major indices trended downward, but most posted gains in the range of a percent or two. Scripps shares (NYSE: SSP) were up around 7 percent; Media General (NYSE: MEG), up nearly 11 percent. (MEG recently filed a complaint with the FCC against Time Warner for dropping Charleston, S.C., NBC affiliate, WCBD-TV, though that wouldn’t spike the stock.)
Shares of Gray Television also rose significantly in today’s trading, up more than 40 percent to 67 cents. Gray ended Monday at 47 cents, about where it had spent the previous two months. NO particular phenomenon seemed to drive the Gray price, which comes days after Standard & Poor’s cut its rating on the stock one more notch into “highly speculative.” Gray (NYSE: GTN) sent from CCC+ to CCC on doubts about its ability to comply with its loan covenants.
More TVB coverage of Nexstar:
August 12, 2009: “Nexstar Revenues Drop Less Than Most Broadcasters”
Nexstar Broadcasting’s 63 TV stations finished the second quarter with a smaller revenue decline than most across the industry. Nexstar (NASDAQ: NXST) revenues came in at $62.2 million, down 12 percent from $70.6 million, a record for NSXT, during 2Q08. Broadcasters across the country are reporting revenues declines of around 20 percent.
May 12, 2009: “Nexstar CFO Resigns”
Matthew E. Devine, stepped down as executive vice president and chief financial officer of Nexstar Broadcasting, the company said Monday. The move was effective the same day. Nexstar (NASDAQ: NXST) said Devine left to “pursue other opportunities.” Shirley E. Green, Nexstar Broadcasting vice president, controller and secretary, will now also serve as interim CFO.
April 1, 2009: “Nexstar 4Q Revenues Rise”
The 50 or so Nexstar Broadcasting TV stations generated revenues of $80.3 million during the three months ending Dec. 31 2008. The result came in more than 12 percent higher than the $71.6 million Nexstar posted 4Q07.
March 23, 2009: “Nexstar to Manage Four Points TV Stations”
Nexstar Broadcasting Group announced has agreed to operate the seven TV stations owned by Four Points Media Group. Under deal terms, Nexstar receives a management fee of $2 million a year plus annual incentive compensation based on cash flow of the stations.
