We disagree with respect to how Q4 will impact the market... CCME will come in so far above the 2010 guidance implication for Q4 (and analyst expectations) that people will view it as a positive, even if EPS is a tad lower than Q2 due to share-count increases and SWITOW capex.
Regardless, markets are forward looking mechanisms and just in the past 3 months CCME has expanded its revenues by over 15% from network additions. Combine that with the 15% rate hike they did in January and the SWITOW ramp-up coming in 2011...The future is very bright. Q1 2011 could likely beat Q4. The market should reward that.
The $15 price point should also provide lots of support given that is where Jacky (CFO) bought 100k shares. That is also just above the $14.82 old 52-week high we had, which also acts as strong support.
I'm not saying your call of where the stock could go, especially in a correction, is wrong... I'm just saying that its a guess as good as saying CCME could bounce to $20 next week due to the still-high short interest. You seem to have been stating that negative-biased guess quite frequently lately, so figured i'd throw out a counter-view (chuckle).
-Fernando