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Monday, November 27, 2023 11:07:34 AM
By: Schaeffer's Investment Research | November 27, 2023
• Elliott Investment Management has a $2 billion stake in Crown Castle
• Elliott Investment Management is pushing for significant changes to CCI
The shares of Crown Castle Inc (NYSE:CCI) are on the rise today, after Elliott Investment Management disclosed a $2 billion stake in the company and reportedly is pushing for significant changes. In a letter to the board, the hedge fund detailed its perspectives on the REIT's underperformance and called for new leadership.
At last check, CCI was up 4.6% at $108.36, further removing itself from its Oct. 23 nearly seven-year low of $84.72. Today's pop also has the stock breaking above recent pressure at its 150-day moving average. Since the start of the year, the equity is still down 20%.
Crown Castle stock's typically quiet options pits are teeming with activity in response. So far, 2,009 calls and 2,704 puts have been exchanged, volume that is 2.1 times the average intraday amount already. The December 100 put is the most popular, with new positions being sold to open there.
These options are attractively priced at the moment, too, per CCI's Schaeffer's Volatility Index (SVI) of 21%, which ranks in the low 4th percentile of its annual range. This means options traders are pricing in low volatility expectations.
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Recent CCI News
- Crown Castle Highlights Actions its Board Has Implemented to Successfully Strengthen Foundation and Position Company for Long-Term Value Creation • GlobeNewswire Inc. • 04/25/2024 08:15:15 PM
- BOOTS CAPITAL HIGHLIGHTS CROWN CASTLE'S SIGNIFICANT DESTRUCTION OF SHAREHOLDER VALUE AND FAILED OPERATIONAL STRATEGY DUE TO INEFFECTIVE LEADERSHIP • PR Newswire (US) • 04/22/2024 08:26:00 PM
- Crown Castle Issues Statement Regarding Ted Miller's Latest Attempt to Disrupt the Company's Momentum • GlobeNewswire Inc. • 04/19/2024 08:15:16 PM
- Crown Castle Reports First Quarter 2024 Results and Maintains Outlook for Full Year 2024 • GlobeNewswire Inc. • 04/17/2024 08:15:30 PM
- Delaware Court of Chancery Grants Expedition and Discovery in Hearing on Company's Last-Minute Expansion of Board • PR Newswire (US) • 04/16/2024 01:29:00 PM
- Ted B. Miller Statement on Crown Castle Appointment of Steven J. Moskowitz as President and Chief Executive Officer • PR Newswire (US) • 04/11/2024 03:16:00 PM
- Crown Castle Highlights Actions Underway to Create Stronger and More Valuable Company • GlobeNewswire Inc. • 04/11/2024 11:23:01 AM
- Crown Castle Appoints Tower Industry Veteran Steven J. Moskowitz as President and Chief Executive Officer • GlobeNewswire Inc. • 04/10/2024 08:15:48 PM
- Crown Castle Announces First Quarter 2024 Earnings Conference Call Details • GlobeNewswire Inc. • 04/03/2024 08:15:00 PM
- CROWN CASTLE CO-FOUNDER TED B. MILLER FILES PRELIMINARY PROXY MATERIALS • PR Newswire (US) • 03/28/2024 03:52:00 PM
- Crown Castle Issues Open Letter to Shareholders • GlobeNewswire Inc. • 03/25/2024 11:45:07 AM
- Crown Castle Deserves Better: An Open Letter to Shareholders from Crown Castle Co-Founder Ted B. Miller • PR Newswire (US) • 03/13/2024 10:13:00 PM
- Form DFAN14A - Additional definitive proxy soliciting materials filed by non-management and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/07/2024 10:04:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 09:36:44 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/05/2024 09:15:12 PM
- Crown Castle Comments on Self-Serving, Unfounded Litigation Brought by Ted Miller • GlobeNewswire Inc. • 03/05/2024 02:58:38 PM
- Form DFAN14A - Additional definitive proxy soliciting materials filed by non-management and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/04/2024 09:07:05 PM
- Crown Castle Co-Founder Ted B. Miller Issues Statement on Crown Castle's Rewrite of Cooperation Agreement with Elliott • PR Newswire (US) • 03/04/2024 05:02:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/04/2024 01:30:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/04/2024 01:30:15 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 02/28/2024 10:11:43 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/28/2024 09:34:07 PM
- Form DFAN14A - Additional definitive proxy soliciting materials filed by non-management and Rule 14(a)(12) material • Edgar (US Regulatory) • 02/28/2024 09:01:30 PM
- Crown Castle Co-Founder Ted B. Miller Files Lawsuit to Invalidate Crown Castle's Unlawful Cooperation Agreement with Elliott • PR Newswire (US) • 02/28/2024 03:20:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 11:28:23 PM
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