The unusual and surprising release of preliminary Q3 earnings results from Cumulus Media was met with an immediate response from Wall Street investors: Buy! At one point in the first 30 minutes of trading, Cumulus shares were up 100%. At the closing bell, they finished with a 57.7% improvement.
This puts “CMLS” at 50 cents — still far below the $1 threshold for staying on Nasdaq. However, Cumulus has appealed this decision, and with a relatively healthy pre-Q3 earnings report distributed prior to the Opening Bell on Wall Street today (10/26), a shift to an Over-The-Counter market could possibly be thwarted should positive growth continue to be seen in subsequent trading sessions.
Cumulus will reveal its official Q3 2017 operating results at approximately 7:30am Eastern on Nov. 9 and will host a conference call to discuss the results at 8am Eastern that day.
Other notable climbers among media companies on Thursday include Beasley Broadcast Group, Nexstar, Saga Communications, and Urban One.
For a complete look at today’s closing prices please visit the Wall Street Report at the homepage of RBR.com.
