What’s going on at Salem Media Group?
The company’s stock took off as fast as a Learjet in midday trading, on heavier than usual trading volume.
By day’s end, Salem shares were up by nearly 20%.
It’s the latest chapter in the up-and-down volatility seen for Salem in the last three months.
On July 9, Salem soared to $6.05 a share — a miraculous jump a moribund price of $3.15 at the close of Q1 on April 30.
But, by last Wednesday (7/25), some of Salem’s lustre had been lost, with investors seemingly dissatisfied with the sale of its assets in the Omaha market.
On Monday, that displeasure seemed to disappear, as Salem gained back 90 cents to end the day at $5.45.
That’s a 19.8% jump, and comes following the company’s announcement late Friday that its Salem Church Products division is purchasing online retailer ChildrensMinistryDeals.com.
On Monday, Salem also announced that Rodney Baucom is taking over as the new host of its “Singing News Radio Network.” He replaces Jeff Steele, who is busy touring with his southern gospel group The Steeles and can no longer hold down his duties as host of the network’s weekly countdown show.
