Citadel trading at a whopping one cent

kingchuck69

Joker! Joker! Joker!
Oct 11, 2008
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Serves the bastards right. Now that Paul Harvey's kicked the bucket and the fact that they're hemorrhaging money left and right, how long will they last?

The world may never know.

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Investors Bail Out On Citadel
By Jeffrey Yorke
Updated 8 Hour(s) 14 Minute(s) ago

Citadel Communications got a bailout of sorts Thursday (March 5), but not the type that comes from the feds and means stacks of cash rushing in. This was investors cashing out their shares of CDL, which opened its last day of trading on the New York Stock Exchange at a dime a share and ended at the closing bell at a penny.



Folks at Citadel's Manhattan headquarters could not explain the change of heart investors had in the company's value, but the 90% drop in value was marked by a dramatic increase of trading volume -- some 18.5 million shares were sold compared to a 30-day average volume of 739,000 shares traded.



Citadel shares traded at a 52-week high nearly a year ago, March 11, 2008, at $2 a share, but have been dropping steadily since then as the company has tried to reverse its fast-eroding revenue and falling share position in its top markets. Like every other business, Citadel has gone to extreme measures to trim expenses and payroll and attempt to generate new revenues, all to no avail.



Spokeswoman Patrica Stratford tells R&R that Citadel expects shares of the company stock to move to the Over-the-Counter board Friday morning (March 6) and trade under the symbol "CTBD."