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Clear Channel Communications (CCU – 50-13/16) is the top operator of radio stations in the United States, running over 900 stations throughout the country. The firm also owns 19 television stations. Today, amid a declining broader market, CCU has managed an 11.5-percent gain, paring some of its losses from yesterday. During Thursday's session, CCU shares dropped over 16 percent to record an annual low.
Today's strength is in part attributed to the news that CCU is planning to repurchase as much as $1 billion worth of its outstanding shares. The company presently has 380.2 shares outstanding.
Since August 21, CCU shares have been in a downward spiral below resistance from their 10-day and 20-day moving averages. The security has given back nearly 40 percent of its value in the past six weeks. The stock is also sitting below its intermediate-term and long-term moving averages.
CCU options pits are active today, with five strikes seeing more than 1,000 contracts change hands. These active strikes are: the November 60 call, the January 2002 110 call, the November 45 put, the January 65 put, and the April 60 put.