Winners and Losers: CB Richard Ellis

Shares of CB Richard Ellis(CBG Quote) soared more than 50% Wednesday after the commercial real estate firm announced a renegotiated credit agreement and was upgraded by JPMorgan.

The stock was up 50.7%, or $1.52 to $4.52, on volume of almost 11.5 million shares and as high as $4.95 intraday. The normal volume for the Los Angeles-based company is about 6.3 million shares.

The company said the new credit agreement will give it greater flexibility "to navigate through a weaker market environment." The pact allows the company to carry a greater amount of debt relative to its available cash, and makes other modifications to covenants in its credit agreement.

JPMorgan analyst Anthony Paolone upgraded shares to overweight from neutral. Paolone wrote that the credit agreement had eased his concerns that the company was at risk of violating a debt covenant.

Clear Channel Outdoor(CCO Quote) shares rose 59 cents, or 24.3% to $3.02. The outdoor-advertising company announced earlier this week that it would extend by a year its digital campaign to help the Federal Bureau of Investigation hunt fugitives.

Thirteen fugitives have been apprehended since appearing on Clear Channel Outdoor's digital billboard networks in Akron, Ohio, Albuquerque, N.M., Cleveland, Dallas, Las Vegas, Milwaukee, northern New Jersey, Philadelphia and Tampa Bay.

"The ability to provide the traveling public with current law enforcement and other critical emergency messages within minutes after the need arises and to update those messages just as quickly has been an invaluable public service to the 27 communities where we operate our digital billboard networks," said Paul Meyer, Clear Channel Outdoor president and CEO.