Two US out of home stocks were up and one US out of home stock was down in the first quarter of 2023.  Clear Channel Outdoor rose 14% on news of the Switzerland sale.  You’ll notice that Clear Channel Outdoor fluctuated wildly during the 1st quarter.  It has extremely high leverage, e.g. financial risk, so will fluctuate more than Lamar or OUTFRONT on good or bad news.   Lamar increased 3%.  OUTFRONT was down 6% due to the slow rebound in transit ridership.  The S&P 500 increased 6%

Clear Channel Outdoor (blue), S&P 500 (black), Lamar (green) and Outfront (purple) stock performance for 3 months ended March 31, 2023.

All three of the US out of home companies are down when you look at trailing 12 months ended March 31, 2023 due to fears that a recession will impact advertising revenues.  The S&P 500 was down 12%, Lamar down 17%, OUTFRONT down 45% and Clear Channel Outdoor down 66%.

Clear Channel Outdoor (blue), S&P 500 (black), Lamar (green) and Outfront (purple) stock performance for 12 months ended March 31, 2023

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