This is the 3rd layoff/down sizing I have seen with Crown Castle over the past 4-5 years, with the last 2 recent down sizings within 6 months of each other. While I understand the tightening of the corporate belt to reduce costs, this latest announcement (emails sent to employees yesterday notifying affected personnel) with office consolidations is another attempt to get rid of employees. I can’t see people moving to Houston, Texas with no job security. I foresee Crown Castle being sold. Either out right to some one like American Tower, or Crown’s divisions sold off in pieces, i.e. towers, fiber, and small cells. The CEO and EMT have run the company into the ground with their million dollar salaries, building fancy office buildings they can’t support, and their wasteful spending of money day in and day out. Crown’s days are numbered.
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@3lgj+1pjLCFy6 since you're not busy - how 'bout taking care of some of my light work.
Get over yourselves southpoint…this primadonna behavior is the exact reason this is happening. The way many of you acted last week was embarrassing for anyone who wants to call themselves an adult. Grow up.
@1xvz+1pjLCFy6 Telecom stocks in general are down from 2022 a lot. Lumen is about a twelfth of its 2022 value
Day traders are making thousands a day on the amstock. Buy it at 1030 when the stock drops and sell it at 3 when it peaks. Then so it again the next day. Sometimes holding it for a week makes a ton of money too. Lol
I think Crown Castle’s stock price now being so low is great! Why? Because as a day trader, I buy shares every time/day it hits a new low and then I sell my shares a few hours later that same day at a profit after it rises a few dollars or two. Then, the stock price drops again and the process repeats itself over and over everyday. Crown’s stock price is like a porpoise going up and down. The stock is worth half of what it once was in 2022. That is why long term investors are nervous and not happy. During the last 2023 Q3 earnings report, the investors all had questions for Jay Brown (CEO) about Crown’s outlook. Jay tried to paint a positive picture by seemingly putting lipstick on a pig to give them “warm fuzzies” - which the investors and I saw through. VP’s are continuing to leave Crown and the sinking ship. The writing is on the wall. 2024 is going to be another tough year for Crown with 1,300 plus employees leaving Crown due to not moving the Houston. I hope Jay loves daily seeing the faces of people he passes in the hallways of those few that did make the move and who left family, friends and former coworkers for a false business move. With the major carriers cutting back on new spending, this will only hurt Crown Castle’s financial outlook over time. It will only get worse over time. Way to go EMT!
Jay's master plan does appear insane, but there is a pattern to it:
Pretend to be a leader
Undermine the business
Raise the debt load
Pi-s off the investors
Liquidate the assets
Exit in shame
They might claim to be "listening" to shareholders, but they aren't producing useful results for the shareholders - including the internal ones. No one holding shares of CCI is happy.
Tired of hearing they have to “listen” to the shareholders! The majority of the employees are shareholders and they don’t listen to ONE of us. My minimal shares don’t measure up to all of the big fish quantity of shares but I AM A SHAREHOLDER!
@dzi+1pjLCFy6 Already wrong with that one. Towers has been severely affected as opposed to fiber.... Southpointe.
My prediction is fiber will be 1st to go.
@efl+1pjLCFy6 SBA can’t buy CCI even if they wanted to. Which is doubt they’d want to in the first place.
@slo+1pjLCFy6 If anything, a merger with SBA would be more like it. They have about the same amount of Towers. Being that Towers has been severely affected, SBA could just operate the Towers side of Crown.
My prediction - They will not be able to sell the Southpointe buildings. Who wants that much office space these days? They will file for bankruptcy. The assets will be liquidated and sold off piece by piece. At that point, I can see American Tower or SBC buying the towers/leases that go with the towers. The fiber and small cell = practically worthless. Everyone who takes the bait and moves to Houston will be adrift.
If Clown Castle sells, it will be broken up in pieces. I don't think there is any way to do it wholesale.
I will respectfully say I think you’re wrong about all of this. Here’s why.
First of all, forget the possibility of an American Tower buy out. They’re dealing with their own cost cutting measures. And the majority of what CCI has, AMT has as well. No reason AMT would pay $80 billion+ for a majority of assets they already have. They’re already behind in debt from the core logic deal.
Second, I think you’re underestimating the power of Wall Street. They’re pressuring Crown Castle to make these cost cutting moves and the company has to listen to its shareholders.
I neither think Crown Castle wants to be sold nor anyone realistically wants Crown Castle. The only people that may entertain the idea of purchasing CCI are too small to afford it such as SBA.