Today’s big slide in share value for the “stub” of iHeartMedia stock wasn’t the only big dipper investors can see ahead of Christmas Eve.
Cumulus Media stock was off by some 16% just before 2pm Eastern, sending shares down to just $0.067.
Given the company’s October 2016 1-for-8 stock split, this puts long-term investor value in an especially precarious situation, as Cumulus seeks to reorganize under Chapter 11 bankruptcy protection.
The swoon put a damper on the market for radio broadcasting companies, which were largely down.
Seeing gains as of 2pm Eastern were Entercom (up 5 cents, to $11.35), and Salem Media Group (up 5 cents, to $4.35).
For a full look at today’s prices on Wall Street, please visit the Wall Street Report on the homepage of RBR.com.