UONEK - Why Urban One Stock Is Down 13% -- for Now
Shares of Urban One (NASDAQ: UONEK) are bouncing all over the place in morning trading Friday. Yesterday, the media company 's stock spiked 29% higher when its casino proposal was accepted by Richmond, Virginia, gaming officials.
Urban One was the winner out of six original casino bids submitted for the right to win the capital city's sole gaming license, according to Casino.org.
Yet Urban One's stock plunged 13% at the market's open today, falling as low as $4 per share, before fighting its way back to almost $5 a stub, before giving up much of the ground it just won, down at almost $4 again.
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Why Urban One Stock Is Down 13% -- for Now