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RADIO STOCK ON A
ROLLERCOASTER RIDE

Clear Channel Bounces Back After 52-Week Low
Some days you eat the bear, some days the bear eats you—or vice versa. Among the most volatile stocks in today's market are those belonging to acquisitive radio conglomerates.

Just one day after plummeting to a 52-week low, shares of radio giant Clear Channel Communications rebounded to become the best-performing stock in the S&P 500. Wha' happened? Investors reacted positively after the Clear Channel board OK'd repurchasing as much as $1 billion of its own stock. The announcement, which came after closing yesterday, turned the stock around from this morning's opening bell, and the upward movement was further spiked after several market analysts gave the company a clean bill of health.

"We believe the purchase of our common stock represents an attractive opportunity to benefit the long-term interests of the company and its shareholders," said Clear Channel Chairman/CEO L. Mays.

Yesterday's closing price of 45 1/2 (a 16% drop) was precipitated by Salomon Smith Barney's reduced valuation resulting from Clear Channel's recent acquisition of SFX Entertainment. Today's rebound brought shares back up to 51 , up 5 5/8 (a 12.26% increase). Some analysts believe the buyback could bring shares up to the $65 range.

Meanwhile, shares of Radio One, the nation's largest black-owned radio conglom, were up 5/8 (or 9.43%) to a still-meager 7 , compared to a pre-split 52-week high of 97 .

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