Earnings roundup: Clear Channel, Cogent Comm.

Among the earnings stories for Friday, May 9, from AP Financial News:

NEW YORK (AP) _ Clear Channel Communications Inc., a major radio and outdoor advertising company, reported higher first-quarter earnings Friday on asset sales but operating results were flat, reflecting weak demand for radio advertising.

WASHINGTON (AP) _ Shares of broadband technology supplier Cogent Communications Group Inc. plunged Friday after it said its first-quarter loss widened slightly on higher equity-based compensation and other costs.

MT. LAUREL, N.J. (AP) _ PHH Corp.'s first-quarter earnings doubled as refinancing activity boosted revenue, the mortgage originator and fleet management company said Friday.

STAMFORD, Conn. (AP) _ Aircraft leasing company Aircastle Ltd. said Friday its first-quarter profit rose 47 percent as rental revenue increased more than analysts expected.

NEW YORK (AP) _ Morgans Hotel Group Co.'s stock sagged Friday after the hotel operator said it swung to a first-quarter loss on increased losses from joint ventures.