Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Mr. Market turned a blind eye to billboard-advertising veteran Clear Channel Outdoor (NYSE: CCO) on Tuesday. Share prices fell as much as 16.3% on heavy volume.

So what: Despite an impressive 8% year-over-year revenue leap, Clear Channel's $0.01 of earnings per share fell far short of the $0.06 analyst view. The domestic market is flat while international sales are booming, but higher site lease costs drove up expenses and eviscerated the bottom line.

Now what: Clear Channel is rolling out lots of digital billboards around the globe, because that's where the future is. When you're competing with Google (Nasdaq: GOOG) and ValueClick (Nasdaq: VCLK) just as much as with traditional rivals Lamar Advertising (Nasdaq: LAMR) or Interpublic (NYSE: IPG), it just won't do to leave a good technology play untouched. New CEO Bob Pittman surely has a ton of work to do (and please stop calling him Shirley!), but perhaps there's some life in this old clunker of an ad shop yet.

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