Acme Communications’ Shares Drop 17.6%

Wall Street beat up Acme Communications Inc.’s stock, knocking it down 17.6% Friday, after an analyst downgraded the shares to neutral from strong buy. The Santa Ana television broadcasting company “could expand market share to 11% from 7% over time,” said analyst Frank Brodenchak at Morgan Stanley, but its high debt and the industry’s soft performance could hold the stock back. Acme’s stock fell $2.25 Friday to $10.50 a share on Nasdaq.