plummeted today after the company lowered its fourth-quarter outlook and several firms cut their investment ratings.
Shares of the Spanish-language broadcasting company, which is based in Dallas, fell $11.63, or 33.2%, to $23.38 in recent
New York Stock Exchange
The company said broadcast cash flow will be between $24.5 million and $25 million for the quarter, 15% to 20% lower than its previous forecast. After-tax cash flow will total 20 cents to 21 cents a share. The company, which expects revenue of $60 million for the fourth quarter, said the period was hurt by an increase in promotion and marketing expenses and operating losses from its Internet division.
Salomon Smith Barney
cut its rating on Hispanic Broadcasting to outperform from buy and
Banc of America
downgraded the shares to market performer.