Metromedia hits all-time low
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Shares of Metromedia Fiber Network are continuing their brutal descent, and have now lost 53 percent since July 19. The stock is tumbling 13 cents, or 17 percent, to 66 cents. Earlier in the session, the stock hit an all-time low of 60 cents, compared to its 52-week high of $40.19. Volume is 37.9 million shares, which is more than 4-times the daily average. Analyst Jack Grubman at Salomon Smith Barney downgraded the shares on Wednesday ahead of the expiration of a commitment letter, saying, "If Metromedia ends up being a casualty of the telecom carnage, it will be one that doesn't deserve to be one, given its set of assest and core competencies." |
