Every publicly traded company on Wall Street has its ups and downs. On Monday, it was a decisively down day for Emmis Communications.
At the Closing Bell, Emmis shares were down 9.1%, to $5.30.
There was no clear explanation for the dip, and trading volume was lighter than average at 15,864 shares.
Perhaps profit-taking among investors for a stock at its highest point in recent memory is taking place.
Emmis shares closed Friday at $5.83. That marked the company’s best closing value since March 2015.
Elsewhere on Wall Street
- Both CBS Corp. ($52, up 25 cents) and Viacom‘s Class B shares ($27.45, up 21 cents) were in positive territory on Monday as Bernstein analyst Todd Juenger upgraded CBS to “Outperform” from “Market Perform” and set a price target of $65. That’s up from $56 and reflects his belief that even with the uncertainty surrounding CBS’s recombination with Viacom, CBS stock is still a good investment.
- Entercom shares fell again, putting the company’s stock at $7.75, five cents below Friday’s close. After the Closing Bell, Entercom announced that its Board of Directors has declared a nine-cent dividend. It is payable June 28 to to shareholders of record as of June 13; ETM goes ex-Dividend on June 12.
- Beasley Broadcast Group shares were up 5 cents, to $11.15.
