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Yesterday, Entercom Communications' (ETM) stock dropped 36% after reporting Q2 earnings. What was the factor that caused this monster drop? A 1.6% miss in revenues and a 37% miss in GAAP EPS. While the EPS miss is huge, do note that this is GAAP EPS, which includes one-time charges. Adjusted EBITDA, another measure for profitability, grew 7% and revenues grew by 2.3%. There was nothing that would've warranted a 36% decline in the stock price, and we believe ETM at its current price offers one of the best value opportunities in this market.