What Do Investors Know About Cumulus?
It was a terrific Thursday on a picture-perfect day for Wall Street investors, as the Dow Jones Industrials Average climbed 35.68, to 18,903.82, and Nasdaq gained 39.39, to 5,333.97.
Among the top performers is Cumulus Media, which soared 20 cents, to $1.38, and spiked to $1.61 just after 2 p.m. Eastern before retreating somewhat.
Are institutional investors and individuals smelling something positive at the debt-laden broadcast company? Share volume was more than double its average, and with no ex-dividend and a 1-year target price of $5, it is unclear as to why Cumulus is rising after careening to $1.01 following a 1-for-8 reverse stock split in mid-October.
Other gainers include The E.W. Scripps Co., which gained 26 cents, to $16.55.
The RBR Radio Index rose 11.093, or 1.91%, to 591.088.
The TVBR Television Index rose 0.855, or 0.09%, to 946.101.
Cumulus, up 16.9%
Beasley, up 3.4%
Emmis, up 1.8%
Radio One, down 5.3%
Entravision, down 3.3%
SBS, down 1.6%