U.S. financial markets were ending the week on an up-note in overall trading as of 2:30pm Eastern Friday. The Dow Jones Industrial Average was up 52.78, to 22,256.26. Nasdaq was up 15.36, to 6,444.44.
However, two big radio broadcasting companies saw their stocks slump: Urban One and Cumulus Media.
Urban One, the parent of the TV One and Radio One pay-TV and broadcast radio units, saw its shares drop by 15.2% as of 2:30pm Eastern, to $1.40.
If this holds at the Closing Bell, it will mark the lowest closing price for Urban One (formerly Radio One) since March 2016.
It also illustrates a sharp dip from August 2016, when Radio One shares peaked at $3.43 per share.
Urban One’s market capitalization is $64.6 million.
Meanwhile, the woes continue on Wall Street for Cumulus despite positive movement for the company under CEO Mary Berner.
Also as of 2:30pm Eastern, CMLS shares were down 7%, to 35 cents.
That erases four months of incremental improvement for Cumulus, which saw shares bottom out at 23 cents in the last week of April.
However, on Oct. 10, 2016 CMLS shares were valued at $1.95.
Cumulus’ current market cap? It’s just $10.26 million.
For a live look at today’s trading on Wall Street for broadcast media stocks while Wall Street is in session and, later, for today’s closing prices, just go to the homepage of RBR.com and visit our Wall Street Report.