Yesterday Hispanic Broadcasting Corp. announced that the company would miss their 4th Q 2000 revenue and profitability goals. The Street reacted negatively, sending the stock into a -32% downward spin to $23 7/8 at the end of the trading day.
Univision Communications was quick to react to the news from Hispanic Broadcasting Corp., announcing early in the morning on Monday, that they would meet their 4th Q 2000 sales and revenues goals. Not withstanding, the Street also dropped their stock by -12.8% to $43 13/16 per share. Entravision Communications also suffered a -11.5% loss to $16 3/8 per share. Spanish Broadcasting System only suffered a minor loss of -3.7% to $6 1/2 per share, Radio Unica losses amounted to -6.8% to $4 1/4 per share.
The Hispanic Internet stocks also saw some losses, but some posted gains. StarMedia was hit with a -16.1% loss to $1 5/8 per share. Terra Lycos was up +7.5% to $12 1/2 and El Sitio was also up +5.0% to $ 21/32 per share.
The market reacted negatively to the news from Hispanic Broadcasting Corp., but analyst continue to look at both the Hispanic Broadcasting Corp.'s and Univision Communications' stocks as attractive with a long term view.
Source: MSN Money Central