Clear Channel Communications, Inc. (NYSE: CCU) recently down $2.08 to $32.39:
Thomas H. Lee Partners and Bain Capital have had an outstanding $39.20 cash bid for CCU. CCU's debt placement is expected to be fulfilled this week. CCU call option volume of 36,200 contracts compared to put volume of 162,529 contracts. CCU April option implied volatility of 130 was above its 26-week average of 49 according to Track Data, suggesting larger price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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