Clear Channel Outdoor Holdings (NYSE:CCO) Stock Is Under Pressure: Where is the Bottom?
Recently, Clear Channel Outdoor Holdings Inc (NYSE:CCO) announced that got into a partnership with Operation HOPE by way of which it wishes to support the 1MBB initiative.
Clear Channel owns a range of billboard across Northern as well as Southern California and it is going to be deployed towards publicising 1MBB. 1MBB is a highly ambitious program that has been launched by Operation HOPE with the view of alleviating poverty and help with the inclusion of moderate to low income adults in various fields. This partnership is going to be primarily involved with the possibility of promoting business owned by black people and has considerable social justice implications.
While the initiative from Clear Channel Outdoor is a noble one, it has not actually had much of traction on the company’s stock. Last week, the stock was in the middle of a downward spiral as investors headed for the exits. By the end of the week, the stock had recorded a decline of as much as 14% for the week. It is now going to be interesting to see if the stock can actually make a comeback of sorts this week. It might be a good idea to keep an eye on the Clear Channel Outdoor stock this week.
Market Reaction:
On Friday, CCO stock fell 5.16% at $2.39 with more than 2.93 million shares, compared to its average volume of 3.92 million shares. The stock has moved within a range of $2.3500 – 2.5500 after opening the trade at $2.55. Over the past 52-week, the stock has been trading within a range of $0.8600 – 3.0500.
