Stocks quoted in this article:
Radio-station owner Clear Channel Communications (CCU – 54-3/16) reported that it had third-quarter net income of 72 cents per share, exceeding analysts' forecasts of 69 cents per share. In response to this positive earning surprise, the stock's "strong buy" status has been reiterated today by two different brokerage houses.
In mid-afternoon trading, CCU is in the black by more than four percent, prompting a bullish crossover of its 10-day and 20-day moving averages. Such a technical development could have bullish implications for the shares. However, the security continues to hover beneath all of its significant intermediate-term and long-term moving averages.
On the option front today, 1,270 contracts have crossed the tape on the in-the-money November 50 call, which has open interest of 1,809 contracts.