Comment below regarding small cells being a threat to cell tower industry, fyi:
10:35 AM Muddy Waters releases its rumored report on American Tower (AMT -2.4%), declaring the cell tower owner a Strong Sell and setting a $44.57 PT. The firm accuses AMT of overstating the price it paid for 666 Brazilian towers by $250M (citing sources and financial documents), makes note of insider selling and perceived corporate governance issues, and deems the rise of carrier Wi-Fi and small cell networks a threat to tower growth. Also, AMT's international ops are also accused of overvaluing assets, and of overpaying for towers in exchanged for excess rent payments (an arrangement deemed a de facto loan). CCI -1.4%. SBAC -0.8%.