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Monday, August 8, 2011

Radio stocks get slammed on Wall Street

Wall Street Much like the rest of Wall Street, radio stocks were hardly spared on Monday. The selloff hit Sirius XM (SIRI) worst, losing 12.7% and falling below $2 to $1.65. Other broadcasters with double-digit losses include CBS (CBS) dropping 10.3%, Cumulus (CMLS) falling 11.8%, Entercom (ETM) down 10.9%, Westwood One (WWON) down 10.8% and Radio One (ROIA), the radio sector's second-biggest single day loser, falling 16% to $1.17. In addition, shares of Arbitron (ARB) dropped 9.8% and Journal Broadcast Group (JRN) fell 8.3%. The worst radio stock performance came from Spanish Broadcasting System (SBSAD). Just days following a 1 for 10 reverse stock split, Spanish Broadcasting went into free fall, losing 24% of its value, dropping to $2.78. You can track all of these stocks here.

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