Radio Stocks Continue Their Woes
July 15, 2008 at 9:09 AM (PT)
ALL ACCESS reported last FRIDAY (NET NEWS 7/11) about radio's rough day on WALL STREET -- and apparently, things are not getting better soon.
SPANISH BROADCASTING SYSTEMS continues to trade under a dollar, in at $0.82 at Noon TODAY. The company will announce its financial results for the second quarter ended JUNE 30, 2008 on THURSDAY, AUGUST 7, 2008 before U.S. market hours. Follow SPANISH BROADCASTING SYSTEM (SBSA) stock here.
CITADEL BROADCASTING is also trading under a dollar, in at $0.80 at Noon. Follow CITADEL (CDL) stock here.
RADIO ONE is flirting with the dollar mark, after a low of $0.80 just a few weeks back. Follow RADIO ONE (ROIAK) here.
Last week, a CITI INVESTMENT RESEARCH analyst said that radio stocks will fall as advertising revenue continues to decline and lending and credit pressures increase. TONY WIBLE said industry revenue will fall about 5% in 2008 as advertisers spend less, meanwhile companies face larger amounts of debt as interest rates rise and credit conditions remain difficult.
Follow all of the radio stocks on the ALL ACCESS RADIO INDEX.