Cumulus Media shareholders may be ready to sound the alarm.
The company’s shares tumbled 20 cents, to $1.60, in Wednesday’s trading — a dip that may cause investors to express concern that it’s recent 1-for-8 reverse stock split may not be enough to turn around the media company’s fragile fiscal situation. At the moment of the stock split, on Oct. 13, shares were valued at $2.01.
The reverse-split vote, conducted at a special stockholder meeting at 9 a.m. on Oct. 12, effectively put shares at $2.60 at the opening bell that morning. It has yet to see that price level, and is now $1 less than that anticipated target.
It was a great Wednesday trading session for CBS Corp., which climbed 79 cents to $56.78 as it approaches a new 52-week high. At the same time, Netflix continued its stratospheric post-Q3 rise, gaining another 46 cents to finish at $126.97. It wasn’t such a great session for Apple Inc., which dipped $2.66 to $115.59 on fiscal Q4 results that saw a lack of consensus among analysts.
The RBR Radio Index fell 11.726, or 1.95%, to 589.330.
The TVBR Television Index rose 0.006, or 0.00%, to 879.654.
Fox, up 3.3%
CBS, up 1.4%
Cumulus, down 11.1%
SBS, down 9.3%
Entercom, down 2.9%