Emmis reports its fiscal Q3 results this morning and the company’s badly battered stock price indicates that investors aren’t expecting any good news. Analyst Jonathan Jacoby at Bank of America says his checks have found business still sluggish, particularly in the top three markets. Emmis, of course, is heavily dependent on its radio stations in New York, Los Angeles and Chicago, but Jacoby notes that CBS Radio and Clear Channel are also at risk because of that big market weakness. The analyst calculates that Emmis gets 67.1% of its domestic radio revenues from the top three markets, with CBS Radio at 35.4% and Clear Channel 21.1%. Jacoby says his sources also indicated even greater than expected weakness for the Emmis stations in Los Angeles and NYC. He figures fiscal Q3 (September-November) domestic radio revenues for Emmis were down 5.6% and he is modeling fiscal Q4 (December-February) at minus 6%.