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CCO - Why Clear Channel Outdoor Is Tumbling 12% Today
Clear Channel Outdoor Holdings Inc. Class A
Shares of Clear Channel Outdoors (NYSE: CCO) were tumbling over 12% in afternoon trading Thursday despite the outdoor advertising specialist reporting fourth-quarter earnings that beat Wall Street's expectations.
After business improved in the third quarter, the billboard company's business was struck by a resurgence in COVID-19 cases, which it said caused out-of-home metrics, travel patterns, consumer behavior, and economic activity to all slow down.