The Unexpected Morning Rise of Cox

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***UPDATE: Cumulus Media's $1.3 billion buyout offer from an investor group consisting of the company's CEO and Merrill PE peeps has sent shares (Nasdaq: CMLS) up over 30% and shares in the rest of the radio sector soaring. Cox is by far the greatest residual radio beneficiary, however, without necessarily the strongest fundamentals, leading one to think that something might be up.***
A reader tipped us off to the following - why on earth is Cox so huge this morning? Cox Radio (NYSE: CXR) is up over 9% on no available public information. The last major thing that happened to Cox is a BBB- Fitch rating and "positive" outlook a week and a half ago. The company is expected to release earnings on August 1.
Any insider traders want to throw us some scraps? Comment or tips at dealbreaker.com.
Cox Radio Climbs Above 50-Day Moving Average [TradingMarkets.com]
UPDATE: Cumulus Media In Pact For Sale To Investor Group [Dow Jones via CNN Money]

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