Citadel stock still under $0.10
Don @ IdahoRadioNews | March 22, 2009Citadel Communications’ stock has jumped ten times since its low this month — but unfortunately the low was a single penny and the current level is just 8 cents. If you put $1,000 into Citadel’s penny stock at its low and sold Friday you’d have about $8,000.
The company said this week that its radio stations had a punishing fourth quarter – generating revenue of $59 million in the fourth quarter — down from $78 million in the same period of 2007.
Considering the low stock prices and negative press, I was shocked to find out Thursday that Citadel has decided to rename ABC Radio Networks “Citadel Media.”
I wonder if things bottom out (and I hope they don’t), they will follow the example of AOL-Time/Warner and change back to the original moniker.
Hmm!