Clear Channel Breaks Slowdown Myth - TheStreet

Clear Channel Breaks Slowdown Myth

The market wants bad news to fit all, as with Sun Micro, but things are better than we want to believe.
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Here's some honest-to-Betsy good news:

Clear Channel

(CCU) - Get Report

is not endorsing



local slowdown story.

That's big. We are in one of those eras when people are worried about slowdowns and when one pops up, we think it's one size fits all. The fact that Clear Channel, which is much bigger in radio than Viacom, reaffirmed its forecast means that we can be a little less worried about an overall slowdown and more worried about a slowdown at Viacom.

The analogy here is to

Sun Micro

(SUNW) - Get Report

. Tuesday

Sun Micro said negative things and it took all of the



That was wrong; the problem is intrinsic to Sun. But in our "shoot first, ask questions later" mode, you are going to get this kind of thing.

Why is this important? Because we want to believe this rally has some underpinnings and it isn't totally

flow of funds.

This Clear Channel news plus the decline in rates allows people to buy the homebuilders, financials and some of the durable goods/media stories.

Enjoy it while it lasts.

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