News that the Internal Revenue Service is scrutinizing the legal requirements for companies converting into Real Estate Investment Trust sent a number of stocks sliding Friday. Equinix Inc., Iron Mountain Inc. and Lamar Advertising Co. shares fell after they disclosed in regulatory filings that their plans to convert into a REIT may be delayed as the IRS launches a review. Earlier this year, CBS Corp. announced plans to spin off its U.S. outdoor advertising unit into a REIT in 2014. One of the major benefits of REITs is that they are not taxed at the corporate level but in turn are required to distribute at least 90% of taxable income to investors as dividends.
CBS Corporation (NYSE: CBS) shares traded in the range of $47.61 to $48.96 Friday before settling to close at $48.03, a decrease of 1.66 percent, on volume of over 10.0 million shares traded. The stock appears to be facing resistance at $48.99 with some support at $47.91. The company is scheduled to release results for the second quarter of 2013 after market close on Wednesday, July 31st. Shares of CBS Corp. have gained over 26.0 percent so far in 2013.
More information on CBS Corp. and access to the free equity report can be found at: www.WallStreetFundamentals.com/CBS
Equinix Inc. (NASDAQ: EQIX) shares traded in the range of $187.83 to $194.85 Friday before settling to close at $192.57, a decrease of 5.54 percent, on volume of over 8.0 million shares traded. The stock appears to be facing some resistance at $199.39. The company recently announced that it has opened the first phase of its fifth data center in Zürich. Shares of Equinix are down approximately 13.2 percent in the past month.
More information on Equinix and access to the free equity report can be found at: www.WallStreetFundamentals.com/EQIXIron Mountain Inc. (NYSE: IRM) shares traded in the range of $27.72 to $29.35 Friday before settling to close at $28.95, a decrease of 15.84 percent, on volume of 16.61 million shares traded. The stock appears to be facing some resistance at $31.35. The company’s Board of Directors have declared a quarterly dividend of $0.27 per share, payable on July 15, 2013 to shareholders of record at the close of business on June 25, 2013. Shares of Iron Mountain have fallen approximately 26.6 percent in the past month.
More information on Iron Mountain and access to the free equity report can be found at: www.WallStreetFundamentals.com/IRM
Lamar Advertising Co. (NASDAQ: LAMR) shares traded in the range of $41.99 to $44.78 Friday before settling to close at $43.62, a decrease of 4.22 percent, on volume of 7.70 million shares traded. The stock appears to be facing some resistance at $44.80 with some support at $43.11. The company reported net revenues were $283.5 million for the first quarter of 2013, an increase of 6.5 percent when compared the year ago quarter. Shares of Lamar Advertising are up approximately 12.5 percent so far in 2013.More information on Lamar Advertising and access to the free equity report can be found at: www.WallStreetFundamentals.com/LAMR
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