It was a strong day on Wall Street for two media companies.
Spanish Broadcasting System, however, wasn’t one of those companies. The company’s stock continued to plummet on Wednesday, with a nearly 22% decline seen in lower-than-usual trading.
At the Closing Bell, shares in “SBSAA” fell to just 60 cents per share.
It has been a punishing two weeks for SBS, which saw its stock trading at $1.09 on March 16. However, SBS’s shares have been on a steady slide since shifting from Nasdaq to an Over-the-Counter exchange on Jan. 19, when SBSAA debuted with a share price of $1.91. Prior to that, SBS shares had seena 52-week high of $2.67 a share.
Volume was lighter than normal, with 12,296 shares traded, until a big sell-off in the final hour of trading on Wednesday. This surge pushed volume to 36,718; the normal trading average is 31,950.
With the dip, SBS’s market cap stands at $3.9 million.
In other media activity on Wall Street, Viacom was up again, gaining 39 cents, to $45.30. Saga Communications also had a strong session, gaining 82 cents, to $51.30 — its highest close in three years.
Meanwhile, retailers enjoyed a strong bounce-back on Wednesday, with Target Corp. up $1.56, to $55.16, and Kohl’s rising $1.75, to $40.20.