S&P Drops Entercom, Radio One From Indexes
October 17, 2008 at 7:23 AM (PT)
ENTERCOM is being dropped by STANDARD AND POOR'S from its Midcap 400 index. The stock was removed from the index after the close of trading THURSDAY, and is being replaced by oil and natural gas company COMSTOCK RESOURCES.
ENTERCOM's stock dropped to a 52-week low of $1.48 in early FRIDAY trading, down from a 52-week high of $19.59 and a year-to-date high of $13.22 on JANUARY 2nd. The company's market capitalization had dropped to 400th on the index of 400 stocks.
In addition, S&P removed RADIO ONE's stock from its SmallCap 600 index, replaced by EMS TECHNOLOGIES.
RADIO ONE's market cap has dropped to about $22 million, well below the index minimum of $250 million. RADIO ONE stock was trading at 24 cents/share in FRIDAY morning trading despite opening the day at 34 cents; the stock closed THURSDAY at 22 cents, down from a 52-week high of $3.92/share.