NasdaqGS:SSPMedia
E.W. Scripps (SSP) Stock Rebounds As $1.1b Write Down Resets Expectations
E.W. Scripps stock jumped 12.5% to about US$3.32 in regular trading, a sharp move for a broadcaster that has sat under pressure with a 90 day return that is down 26.8%. The spark was not a clean earnings beat. The headline was a large goodwill and intangible asset impairment of roughly US$1.1b that turned quarterly earnings per share into a steep loss.
In the very short term traders are reacting to relief that the balance sheet reset is now out in the open. Long term investors are weighing...