Until 3pm Eastern Monday, all seemed pretty tame for Entercom Communications shares, as far as normal trading sessions go.
Then, a downward spiral transpired, sending ETM down 10 important cents as the Closing Bell rang on the NYSE. As such, ETM completed Monday’s trading day at $1.33, off 5 cents from Friday.
Tuesday is shaping up to be another down day for the audio media company with heavy exposure to pro sports.
As of 12:27pm Eastern, ETM was trading at $1.285, off 4 1/2 cents from Monday. At 11:20am, a $1.23 trading price was seen.
By 2:45pm ET, however, Entercom shares were off by just a penny, to $1.32.
The current trading level for Entercom shares is the lowest since May 19 and comes as California Gov. Gavin Newsom on Monday (7/13) ordered a statewide re-closure of indoor dining, and placed limits on church services and salons in all Southern California counties except San Luis Obispo County in response to a new surge in novel coronavirus cases.
Entercom’s biggest market outside of New York is Los Angeles.
For ETM, April 7 is the COVID-19 influenced low the company must try to avoid again, as new struggles in key markets continue to hamper growth. On that day, a $0.77 finish was seen.
Entercom began the 2020 trading year with its stock at $4.58.