Clear Channel Outdoor (CCO) Falls: Stock Goes Down 8.0%


Clear Channel Outdoor Holdings Inc. (CCO) saw a big move last session, as the company’s shares fell by nearly 8% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This stock, trading at a volatile range of $9.03–$10.12 in the past one-month time frame, showed a sharp decline yesterday at $9.25.
This slump shouldn’t be too much of a surprise to investors, as the advertising and marketing services company has seen 3 negative revisions in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
CCO currently has a Zacks Rank #4 (Sell) while its Earnings ESP is 0.00%.
Investors interested in the advertising and marketing industry may consider better-ranked stocks like Millennial Media Inc. (MM), holding a Zacks Rank #1 (Strong Buy), and Marin Software Incorporated (MRIN) and Publicis Groupe SA (PUBGY),  both carrying a Zacks Rank #2 (Buy).
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