Sound the alarms.
Investors bailed out of Cumulus Media shares on Wednesday, resulting in a 29-cent slide to $1.05 just days before the company releases its Q3 earnings report.
Trading was heavier than usual, with a pre-noon dip only a precursor to a cliff dive in the last 30 minutes of trading – plummeting to $1.00 at 3:45 p.m. Eastern.
Had the 1-for-8 reverse stock split not occurred at the end of trading on Oct. 12, Cumulus shares would be sitting at a sliver over 13 cents a share.
The RBR Radio Index fell 16.757, or 3.01%, to 539.592.
The TVBR Television Index fell 13.260, or 1.55%, to 841.576.
Gainers
Beasley, up 6.3%
Saga, up 1.1%
Emmis, up 0.3%
Decliners
Cumulus, down 21.6%
iHeart, down 10.1%
Gray, down 4.6%
