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Fidelity Mutual Fund Giant Takes Big Hit On Bala Cynwyd-Based Entercom

TedTed
in Fund Discussions
FYI: Fidelity, based in Boston, has taken an 10.9 percent stake in the Bala Cynwyd-based radio station group whose shares are now trading around a five-year low after a first-quarter earnings miss.

Wall Street has punished the stock, knocking 25 percent off its value from early May, as Entercom CEO David Field has said he does not expect a recovery until later this year. Entercom stock was down $. 05, or .64 percent, to close Monday at $7.75.
Regards,
Ted
http://www.philly.com/philly/business/comcast/fidelity-entercom-communications-stock-cbs-radio-20180521.html

Comments

  • rforno
    edited May 2018
    On a semi-related note, TRP's PRGTX has a 12%-ish stake in TSLA at the moment. Given Musk's recent bouts of public weirdness that should give fundholders some pause maybe....and yes I own PRGTX in both taxable and retirement accounts.
  • VintageFreakVintageFreak
    edited May 2018
    This is the reason I swore of narrowly focused funds long long long time back.
    First you have a small universe.
    Then you go nuts within that universe.
    Bah!
  • [Deleted User]
    The user and all related content has been deleted.
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