Clear Channel (NYSE: CCU) is recently up $1.70 to $31.96.
Thomas H. Lee Partners and Bain Capital have filed suits to try to force a bank group to fund their $19 billion buyout of CCU. The bank group is asking the courts to dismiss a part of the litigation.
Bloomberg is reporting that the CCU trail in New York State Court has been delayed by one day and that lawyers decline to comment on whether a settlement is in the works.
CCU call option volume of 23,870 contracts compares to put volume of 5,295 contracts. CCU May 32.5 straddle is priced at $4.10. CCU June option implied volatility of 89 is above its 26-week average of 61 according to Track Data, suggesting larger price risk.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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