The analysts at Bear Stearns have been crunching Arbitron data (Adults 25-54) from the Summer ratings period. They found that several major groups posted revenue weighted ratings declines: SBS (-15.3%), Salem (-9.4%), Radio One (-6.0%), Univision (-4.7%), Emmis (-3.1%), Cumulus (-2.0%), CBS Radio (-1.4%), Clear Channel (-0.8%), Citadel (-0.8%) and Cox Radio (-0.8%). Three of those groups have something in common, the analyst team of Christopher Ensley, Victor Miller and Tracy Young noted, Radio One, CBS and Univision all have stations in both Houston and Philadelphia, the two markets where the ratings data was gathered by PPM. Excluding Houston, they noted, Univision would have had one of its better ratings periods. In fact, excluding both Philly and Houston, Clear Channel, CBS, Radio One and Cox Radio would have been flattish to slightly up, rather than in negative territory.