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Radio stocks get slammed on 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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