Clear Channel Communications Inc.'s stock dropped almost $5 per share to close at $25 Tuesday, down 16.5 percent, one day after the company abruptly removed Randy
Michaels as CEO of Clear Channel Radio and assigned him a job overseeing new
The move took Wall Street somewhat by surprise: Michaels is seen as a highly
capable radio executive, although something of a loose cannon by Clear Channel
Michaels operated out of Kentucky, and speculation is that his replacement will be
based at company headquarters in San Antonio.
In the interim, Clear Channel also said Tuesday that it would release its
second-quarter results Wednesday, one full week earlier than previously
Wall Streeters took that move as an attempt to stem the company's stock
The company has scheduled an analyst call for 9 a.m. Wednesday, one hour
after it said it would release the second-quarter earnings.