Not sure why...other than the insider selling, particularly by Susan Bayh. Other than that, with radio ad revenues expected to climb in Q1, for the first time in years, its hard to see the lenders "walking away" here....and hard to see why this can't be a $2-4 stock by the end of this year.
They still have tomorrow to redeem themselves. A close above $1.00 for week would indicate that the support of a dollar is holding. If it doesn't then the next support line is the 200 day EMA at around 0.85. If prices closes below that on a weekly basis then the long term trend has most likely revered to a downtrend.
Entercom is testing a new 52 week high today, after a decent earnings report yesterday, and solid guidance (pacings up 7% in Jan/Feb).
I hope I know what I'm doing, but I nearly DOUBLED my Emmis position today...buying a lot in the 82-86 cent range.
I would THINK a bounce back to $1.15-1.25 seems in order. Again, with radio ad revenues DECIDEDLY turning up, it's hard to see the banks "walking away" here. Isn't Smulyan appropriately "connected," considering he has "the Senator's wife," and "the ex-Governor's wife" on his board of directors??