Investors decided to take advantage of a good third-quarter earnings report from Beasley Broadcast Group by profiting, rather than buying.
BBGI shares opened on a down note, and didn’t recover by the time the Closing Bell rang on Wall Street. At day’s end, Beasley stock was off 1.9%, to $10.50.
Beasley shares have been on a high in recent weeks. On Oct. 10, they peaked at $12.40. Still, BBGI is largely in the positive this fall, having risen from $8.65 on Aug. 23.
Additionally, Beasley shares are near a five-year high, having recovered from declines seen in the second half of 2014, 2015, and the first quarter of 2016.
The day’s other big news involves Cumulus Media. The news isn’t pretty.
The fiscally troubled radio broadcasting company saw its shared dip once again on Monday after throttling ahead on Thursday following the release of preliminary Q3 earnings results that were largely positive.
CMLS was down another 10.2%, as the company’s shares finished Monday’s trading at 39.5 cents.
Volume was again higher than normal, with 1.06 million shares traded compared to average volume of 501,554 shares.
Cumulus’ market capitalization currently stands at just $11.58 million.