Top Performer for Wed: Entercom (ETM) – Zacks #1 Rank Top Performers | Stock Market News & Stocks to Watch from StraightStocks

Top Performer for Wed: Entercom (ETM) – Zacks #1 Rank Top Performers

Source: http://www.zacks.com/commentary/11586/Top+Performer+for+Wed%3A+Entercom+%28ETM%29+-+Zacks+%231+Rank+Top+Performers
Posted on Wednesday, July 22nd, 2009 | In Market Commentary, Stocks to Watch

Contributed by: James Giaquinto (http://www.zacks.com/) -

I don’t remember the last time we featured a company from the Broadcast-Radio/TV industry as a Zacks #1 Rank Top Performer. Nevertheless, with a gain of more than 8%, Entercom Communications Corp. (ETM) has made the list for Wednesday.

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ETM is one of the 5 largest radio broadcasting companies in the U.S., with a nationwide portfolio of more than 100 stations in 23 markets. There is one other company from this space on today’s 231-stock Zacks #1 Rank List: Grupo Televisa, S.A.B. (TV).

Waiting on the Second Quarter

ETM plans to report its second-quarter results on Aug 3. At the moment, analysts are predicting earnings per share of 30 cents, which has advanced 5 cents, or 20%, from 2 months ago.

The company’s first-quarter report from May was, of course, difficult, as both revenue and earnings per share declined on a year-over-year basis.

However, despite the difficult environment, earnings estimates for this year and next remain above levels from 2 months ago. Analysts currently expect 86 cents per share for this year, marking a more than 6% gain from 60 days ago.

Meanwhile, expectations for next year have risen to $1.23, or nearly 40% atop the 2-month ago level. Furthermore, the result suggests a more than 40% improvement year over year.

Volume today is at more than 119,000, which is below the daily average of 362,000.

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