What Happened?

A number of stocks fell in the afternoon session after the Trump administration's announcement of new global tariffs, reignited trade policy uncertainty. The move came swiftly after the Supreme Court ruled the previous week that the president could not use the International Emergency Economic Powers Act (IEEPA) for such duties, a decision that had initially sent markets higher. However, the administration invoked a different authority, the Trade Act of 1974, to impose a 15% global tariff for up to 150 days. The rapid reimposition of trade barriers creates significant uncertainty for companies across multiple sectors that depend on international supply chains and global trade. Investors are now weighing the potential impact of these new duties on corporate earnings and broader economic activity.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Consumer Discretionary - Broadcasting company iHeartMedia (NASDAQ: IHRT) fell 4.7%. Is now the time to buy iHeartMedia? Access our full analysis report here, it’s free.
• Consumer Discretionary - Wireless, Cable and Satellite company Cable One (NYSE: CABO) fell 3.1%. Is now the time to buy Cable One? Access our full analysis report here, it’s free.
• Consumer Discretionary - Casino Operator company Bally's (NYSE: BALY) fell 1.9%. Is now the time to buy Bally's? Access our full analysis report here, it’s free.
• Consumer Discretionary - Footwear company Deckers (NYSE: DECK) fell 1.7%. Is now the time to buy Deckers? Access our full analysis report here, it’s free.
• Consumer Discretionary - Home Furnishings company La-Z-Boy (NYSE: LZB) fell 4.1%. Is now the time to buy La-Z-Boy? Access our full analysis report here, it’s free.

Zooming In On iHeartMedia (IHRT)

iHeartMedia’s shares are extremely volatile and have had 66 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 7 months ago when the stock gained 29.4% on the news that the company reported strong second-quarter results. It was encouraging to see iHeartMedia beat analysts’ revenue expectations this quarter. In addition, its EBITDA outperformed Wall Street’s estimates. On the other hand, its EPS missed and its EBITDA guidance for next quarter fell short of Wall Street’s estimates. Management pointed to strong performance in the Digital Audio Group, particularly in podcasting, which saw continued growth in both consumer and advertiser demand. Overall, this was a decent quarter.

iHeartMedia is down 17.2% since the beginning of the year, and at $3.44 per share, it is trading 32.6% below its 52-week high of $5.10 from December 2025. Investors who bought $1,000 worth of iHeartMedia’s shares 5 years ago would now be looking at an investment worth $232.09.

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