Shares of Gray Television (NYSE:GTN) surged 6.8% after reporting Q3 results beating analyst expectations for profitability, despite a decline in sales. Revenue reached $749 million, meeting expectations, with a GAAP loss of $0.24 per share, smaller than expected. However, sales fell 21.2% YoY and revenue guidance for the next quarter was below estimates. The stock closed at $4.82, up 4.2%. Gray Television’s shares are volatile, with 46 moves over 5% in the past year. The recent market caution led by high valuations affected tech stocks, signaling a potential cooling-off period for the sector.

Read more at Barchart: Why Gray Television (GTN) Stock Is Trading Up Today