Morningstar columnist Matthew Coffina is out with a new list of five stocks that appear to be absolutely worthless – and one of the five is Citadel Broadcasting. Coffina notes that Morningstar analysts have been right in some other calls recently, including a call that Circuit City’s stock value was zero in August, well before this month’s bankruptcy filing. He notes that Morningstar’s analyst team has this to say about Citadel: “Citadel Broadcasting’s poorly timed acquisition of ABC Radio Networks only magnified the company’s exposure to a stagnant industry with meager growth prospects. Given its substantial debt burden and declining cash flows, we think Citadel’s shares could be worthless.”
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