Red Tide Continues For Cumulus


The first December trading session on Wall Street saw more mixed activity, as the Dow Industrials improved 68.35, to 19,191.93 and the Nasdaq Composite index sank 72.57, to 5,251.11.

The biggest news of the day once again involves Cumulus Media, which tumbled 15 cents a share, to $1.06. With a 52-week target price of $3.50, it’s been a bumpy ride since its Oct. 13 1-for-8 reverse stock split. The move was designed to revalue Cumulus shares at $2.40; CMLS shares haven’t seen $2 a share since the day of the split. After a recent rally to $1.41 on Nov. 18, shares began to slump.

Meanwhile, Pandora Media dipped 14 cents, to $11.48 as options traders hedged their bets that the company’s shares won’t make it past $12 in late January.
The RBR Radio Index fell 11.740 or 1.87%, to 615.500.
The TVBR Television Index rose 2.277, or 0.24%, to 951.917.


iHeart, up 3.4%
Gray, up 1.0%
Entravision, up 0.8%

Cumulus, down 12.4%
SBS, down 3.7%
Saga, down 2.7%