Entercom Shares Sinking, At New Low
by Brian Maloney, October 3rd, 2008 at 12:00pm
*** BREAKING: SHARES COLLAPSE TO UNDER $4 IN LATE TRADING ***
When we last visited the subject of WRKO/WEEI owner Entercom’s stock price, it was temporarily surging just after a radio convention. That had us wondering whether someone had started a rumor about its future.
But that rally didn’t hold up and since then, share prices have resumed their slow and painful collapse.
Now, even $5 doesn’t provide a floor for ETM shares and earlier today, it sank to a new low of $4.41, before recovering to $4.50 a bit later.
Remember those big share purchases by Pops? He’s lost a lot of money trying to prop up the stock price.
UPDATE: ETM shares in dramatic collapse near the close of the trading session, finishing at $3.95, down 75 cents.
How much longer can radio station operators survive in this kind of economic environment? How many sponsors remain?
Entry Filed under: Entercom
6 Comments
1. bjd | October 3rd, 2008 at 3:31 pm
At about $2.00, I’ll CONSIDER buying a SMALL amount figuring that there MUST be a floor. How much lower could it go before they remove management? New management would have to change on air staff. Even if they changed the format to a forgien language version on 93.7, it would have to do better.
2. Brian Maloney | October 3rd, 2008 at 4:56 pm
I’m not sure there is a floor. I’m not sure that any of the large radio operators will survive, other than Clear Channel. Advertising is drying up, there’s no access to credit and station values are in freefall.
3. neggy | October 3rd, 2008 at 6:05 pm
hey it is still worth more than Westwood One, Citadel,RadioOne and about a thousand other radio stocks.
When they get the de-listing letter then the fire sale starts
4. Brian F. | October 3rd, 2008 at 9:24 pm
Howie mentioned the stock plunge today when speaking of the Fairness Doctrine.
5. Joe from Brighton | October 3rd, 2008 at 11:27 pm
Great job “Reese Hopkins!”
6. Leo | October 6th, 2008 at 5:00 pm
In my opinion, the long-term of the us stock market will come back right the crack. Please read more article on http://stockpreacher.com you will understand why i say that.