CBS, Entercom Head In Opposite Directions To End Week


U.S. financial markets ended the week on a largely positive note, as the Dow Jones Industrial Average climbed 165.32 points, to 23,328.36, and the Nasdaq composite index gained 23.99, to 6,629.05.

Helping the overall market with a big gain was CBS Corp. The company that’s initiated a final stage in its Reverse Morris Trust-fueled spin-off of CBS Radio and eventual merger with Entercom enjoyed a 1.9% gain, ending at $58.91.

Volume for CBS was very high at nearly 8 million shares; average volume is 3 million shares.

Entercom headed in the opposite direction, slipping 1.9%, to $11.12.

The 1-year target price for ETM shares is $13.33.


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