Clear Channel Outdoor regains compliance with NYSE minimum price standard » 16:3107/0207/02/20
Clear Channel Outdoor…
Clear Channel Outdoor Holdings announced that on July 1, 2020, the company was notified by the New York Stock Exchange that it has regained compliance with the NYSE's continued listing standards. As previously disclosed, on April 10, 2020, Clear Channel Outdoor received formal notice from the NYSE that it was not in compliance with the NYSE's continued listing standards as a result of the average closing price of the company's common stock being less than $1.00 per share over a consecutive 30 trading-day period. Clear Channel Outdoor regained compliance after its average closing price for the 30 trading days ended June 30, 2020, exceeded the NYSE's minimum requirement of $1.00 based on a 30 trading-day average.
|Over a week ago|
Fly Intel: Top five analyst upgrades » 09:5206/2406/24/20
ACB, CCO, VMW, DELL, CRON, MS
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Aurora Cannabis (ACB) upgraded to Hold from Sell at Stifel with analyst W. Andrew Carter saying the company reiterated its positive fiscal Q1 EBITDA target facilitated by the achievement of its cost savings target with a facility consolidation plan to drive further savings. 2. Clear Channel Outdoor (CCO) upgraded to Buy from Neutral at Citi with analyst Jason Bazinet stating while he expects near-term volatility, he sees a favorable risk/reward at current share levels. 3. VMware (VMW) upgraded to Buy from Hold at Stifel with analyst Brad Reback noting that he has "long believed" that Dell (DELL) would ultimately buy the remaining 19% that it does not own to gain full control over VMWare's "substantial" free cash flows, and he still expects this option to be the "ultimate outcome". 4. Cronos Group (CRON) upgraded to Outperform from Market Perform at Raymond James with analyst Rahul Sarugaser adding in the value of cannabinoid biosynthesis from its partnership with Ginkgo Bioworks. 5. Morgan Stanley (MS) upgraded to Buy from Neutral at DA Davidson with David Konrad saying the company is positioned to outperform its peers' returns thanks to the higher overall market levels, active retail investors and strong capital markets activity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Fly Intel: Pre-market Movers » 09:0206/2406/24/20
IBIO, DELL, MAXR, AVAV, WGO, EDIT, CRTO, NOG, VMW, CCO
Check out this morning's…
Clear Channel Outdoor upgraded to Buy from Neutral at Citi » 06:1506/2406/24/20
CCO, OUT, LAMR
Citi analyst Jason…
Citi analyst Jason Bazinet upgraded Clear Channel Outdoor (CCO) to Buy from Neutral with a price target of $1.60, up from 90c. While the analyst expects near-term volatility given the company's elevated leverage and uncertainties around the pace of the advertising recovery, he sees a favorable risk/reward at current share levels. Clear Channel shares remain over 50% below pre-COVID-19 levels, worse than Outfront Media (OUT) and Lamar Advertising (LAMR), Bazinet tells investors in a research note. Further, the Street 2022 estimates for Clear Channel relative to 2019 are the most conservative out of the peer group, adds the analyst.
Clear Channel Outdoor price target raised to $2.20 from $1.50 at Cowen » 07:3006/1606/16/20
Cowen analyst Lance…
Cowen analyst Lance Vitanza raised the firm's price target on Clear Channel Outdoor to $2.20 from $1.50 and keeps an Outperform rating on the shares. The analyst said Americans are returning to the roads and highways faster than expected so he has raised his estimates and price target accordingly.
|Over a month ago|
Ares Management reports 5.9% stake in Clear Channel Outdoor » 16:2105/2205/22/20
In a regulatory filing,…
In a regulatory filing, Ares Management disclosed a 5.9% stake in Clear Channel Outdoor, representing 27.46M shares. Ares said in the filing it has engaged and/or may engage, from time to time, in discussions with Clear Channel's management and/or the board of directors of the company. These discussions have encompassed, and/or Ares expects will encompass, a broad range of matters relating to the company, including, among other things, its business, operations, finances, management, organizational documents, ownership, capital and corporate structure, dividend policy, corporate governance, the Board and committees thereof, management and director incentive programs, strategic alternatives and transactions, including the sale of the company, its Securities or one or more of its subsidiaries or their respective businesses or assets or a business combination or other strategic transaction involving Clear Channel or one or more of its subsidiaries, and any regulatory or legal filings, clearances, approvals or waivers relating to the foregoing.
Clear Channel Outdoor provides business update amid COVID-19 pandemic » 06:2805/0605/06/20
The company said,…
The company said, "The COVID-19 pandemic has resulted in unprecedented worldwide lock-downs, a significant reduction in time spent out-of-home by consumers, reductions in consumer spending, anticipated large declines in GDP and volatile economic conditions, and business disruptions across markets globally. We anticipate significant adverse effects on our results of operations throughout our business during the second quarter as more customers defer advertising buying decisions and reduce marketing spend. In particular: Shelter in place protocols have limited the behavior and movement of consumers and target audiences, making it difficult to predict and plan advertising campaigns. We are receiving an unprecedented level of requests to defer or cancel current contracts as customers seek to conserve cash. Our customers are deferring buying decisions and reducing their marketing spend. Since the onset of the crisis in March, we have been experiencing a sharp decline in bookings, particularly in our European businesses. We are closely monitoring the spread of COVID-19 and its impact on our global business, and we have taken and will continue to take steps to ensure the continuity of our platform and operations to serve our customers, as local conditions permit. As a result of these unprecedented challenges, we have taken measures to increase our liquidity and preserve our financial flexibility, including aggressive cost cutting initiatives, including: Negotiations with landlords to align fixed site lease expenses with revenue during the economic downturn; Savings from lower variable compensation expense, temporary salary reductions, reduced hours for hourly employees, hiring freezes and furloughs; Reducing discretionary expenses; Deferring discretionary capital expenditures and exploring options to defer our committed capital expenditures. Our goal is to achieve operating cost savings in excess of $100 million and capital expenditure savings in excess of $25 million during the second quarter of 2020.We are seeking to optimize cost savings to align with expected substantial decreases in revenues as circumstances continue to evolve in this challenging environment. These anticipated cost savings assume the current economic conditions persist and marketing spend does not resume in the second quarter. In addition, we made a cautionary draw of $150 million under our Senior Credit Facility."
Clear Channel Outdoor reports Q1 revenue $550.81M, consensus $552.97M » 06:2605/0605/06/20
Reports Q1 segment…
Reports Q1 segment adjusted EBITDA down $57M year-over-year to ($29.3M). "Like so many businesses across the world, we have found ourselves operating in an unprecedented environment, and our Q1 earnings were significantly impacted by the COVID-19 pandemic," said William Eccleshare, Worldwide CEO of Clear Channel Outdoor Holdings. "Whilst we can't predict the full economic consequences of this global issue, our priority as a business remains the same as it always has been: to take care of our people and our customers and protect our business for the long-term. A robust strategy has been deployed across our markets to increase liquidity, preserve our financial flexibility and support the continuity of our platform and operations, including significant cost savings initiatives. We believe these decisive actions will help mitigate the impact of COVID-19, but we expect our Q2 revenues and Adjusted EBITDA will still be affected."
Clear Channel Outdoor subsidiary tenders its Clear Media shares » 16:3204/2804/28/20
Clear Channel Outdoor…
Clear Channel Outdoor Holdings announced that Clear Channel KNR Neth Antilles N.C., an indirect wholly owned subsidiary of the Company, has tendered its shares representing the Company's 50.91% stake in Clear Media, an indirect, non-wholly owned subsidiary of the Company based in China, to Ever Harmonic Global for approximately $253M. Following receipt of the tendered shares, Ever Harmonic declared its voluntary cash general offer unconditional in all respects on April 28. The Company expects to receive the cash proceeds in May. The Company intends to utilize the net proceeds of approximately $220M to improve its liquidity position and increase financial flexibility, subject to any limitations set forth in its debt agreements. As previously announced on March 30 Clear Channel Outdoor entered into an agreement with Ever Harmonic to sell its stake in Clear Media for HK$7.12 per share. This represents a premium of approximately 87% over the average of the closing prices of the Clear Media shares as quoted on the Hong Kong Stock Exchange for the 30 consecutive trading days prior to the announced strategic review of our investment in China on November 29, 2019.
Clear Channel Outdoor discloses NYSE continued listing notice » 16:3404/1604/16/20
Clear Channel Outdoor…
Clear Channel Outdoor announced that on April 10, 2020, the company received formal notice from the New York Stock Exchange that it was not in compliance with the NYSE's continued listing standards as a result of the average closing price of the company's common stock being less than $1.00 per share over a consecutive 30 trading-day period. In accordance with the NYSE rules, the company has a period of six months following the receipt of the NYSE notice to regain compliance with the minimum share price requirement. The company intends to notify the NYSE of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements within the six-month cure period.