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Thursday, September 22, 2011

Radio stocks follow along with Wall Street's massive selloff

Wall Street On a day when stocks sold off worldwide and the Dow Jones Industrial Average plunged over 500 points at one point and eventually closed down 390 points, radio stocks felt the pressure. However, one radio stock was actually one of of the biggest overall Dow gainers of the day. Shares of Westwood One (WWON) surged 20% to close at $3.31 , a day after it had closed at a 52-week low of $2.67. Shares of Spanish Broadcasting System (SBSA) lost 14%, Fisher Communications (FSCI), Emmis (EMMS), CBS (CBS) and Sirius XM (SIRI) all lost 7%, Journal Communications (JRN) and Cumulus Media (CMLS) lost 6%, and Radio One (ROIA) was down 4%. One of the very few winners on Wall Street on Thursday was Entercom (ETM), up 10 cents of just under 2%, and Beasley Broadcast Group (BBGI) was up one penny. You can track all of these stocks here.

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