Wells Fargo analyst Marci Ryvicker wrote to investors that there were a lot of questions related to iHeartMedia's liquidity and liquidity levers. "High yield bond trading levels indicate the circumstances here are getting a bit more dire. Management mentioned ''many levers'' it has to address liquidity concerns, including accessing CCO's revolver and raising debt at other entities (which we certainly believe could mean Clear Channel Outdoor). Bottom line: While Q3 results were admittedly lackluster, we believe the liquidity concerns at the parent are exacerbating the stock decline today (rightfully). Unfortunately, we don't see this overhang being resolved anytime soon." Ryvicker does not cover iHeartMedia. She does cover Clear Channel Outdoor.
