CC Media Holdings (OTC: CCMO), the parent company of Clear Channel Communications, posted another decline today after reaching $5.90 on June 29, 2012. In less than three weeks, the company’s stock has dropped by more than 50%, closing at $2.80 today. On Monday, the stock closed at $3.86, then saw a drop to $3.35 at the closing bell yesterday. It opened at $3.30 this morning and rose to $3.35 before closing at $2.80, posting a decrease of $0.55, or 16%. The company reached its 52-week high exactly one year ago today, when it reached $8.05. Three weeks later, the price dipped to $5.20 and since then has been as high as $6.50.
Volume was a different story, however. The company’s average daily volume is 6,471 shares. The shares traded today exceeded 138,000, the most since November 21, 2011, when volume exploded to more than 2.1 million shares. Since then, trading activity has been minimal until today.
CC Media’s decline in activity came at the same time the company hired a new executive vice president of strategic development. On July 11, 2012, the company announced Joseph Robinson would be in charge of acquisition and partnership opportunities. Robinson, a founder of venture capital company Halo Venture Partners, brings 15 years of investing experience to Clear Channel.
Just days earlier, on July 2, 2012, the company hired an executive vice president to lead its digital sales department. Rick Song has 20 years of media sales and management experience. He will oversee the company’s digital sales and assets.
On July 9, 2012, CC Media Holdings announced its iHeartRadio Music Festival 2012 lineup. The concert, which will take place September 21-22, 2012 in Las Vegas, will feature a stellar lineup of the hottest musical acts, including Aerosmith, Bon Jovi, Taylor Swift, Usher, No Doubt, Pink and Mary J. Blige. In just eight months, iHeartRadio has reached 10 million registered users.
CC Media, a media and entertainment company, specializes in mobile and on-demand entertainment services. The San Antonio, Texas, company has two main businesses: outdoor advertising through Clear Channel Outdoor Holdings (NYSE: CCO), its subsidiary, and digital media and broadcasting though Clear Channel Radio.
Clear Channel Outdoor operates in 45 countries on five continents. It advertises in malls, airports and railways. Clear Channel Communications operates 850 radio stations and has 90 syndicated radio programs.
Penny stock newsletters have not promoted CC Media in nearly a year. It seems as though the staffing changes are causing the company’s stock to drop, despite the popularity of the company’s iHeartRadio digital platform. It will be exciting to see if the stock continues to drop, or if some steady gains are in its future.
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