Thursday March 27, 02:44 PM
Clear Channel bounces on heavy volume on favorable court ruling
NEW YORK (Thomson Financial) - Shares of Clear Channel Communications (NYSE: CCU - news) rallied Thursday, retracing nearly half of what they lost in the previous session, after the company said a Texas judged granted a temporary restraining order in favor of the company.
The stock ran up $2.58, or 9.6%, to $29.50. Volume was 18.2 million shares, exceeding the full-day average over the past 30 days of 15.4 million shares.
On Wednesday, the stock tumbled $5.64, or 17%, to $26.92 amid reports that a private equity buyout of the radio station operator was on the verge of collapse as the buyers were having trouble reaching a financing agreement with their banks.
Clear Channel said the District Court of Bexar County, Texas found in favor of its claim that 'irreparable harm would result if the banks were not immediately enjoined from tortiously interfering with the merger agreement.'
Tomi Kilgore
tk1
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