What Happened?
Shares of local broadcasting and digital media company Nexstar (NASDAQ:NXST) jumped 12.5% in the morning session after the company reported impressive fourth-quarter 2024 results that beat analysts' revenue estimates, driven by a sharp increase in political ad spending. EBITDA also beat Wall Street's expectations, fueled by revenue growth and disciplined cost management. On the other hand, its EPS missed. Overall, this was a mixed yet decent quarter.
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What The Market Is Telling Us
Nexstar Media’s shares are not very volatile and have only had 3 moves greater than 5% over the last year. Moves this big are rare for Nexstar Media and indicate this news significantly impacted the market’s perception of the business.
Nexstar Media is up 3.2% since the beginning of the year, but at $164.57 per share, it is still trading 12.7% below its 52-week high of $188.50 from November 2024. Investors who bought $1,000 worth of Nexstar Media’s shares 5 years ago would now be looking at an investment worth $1,469.
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