Hot Stocks of the Week: Clear Channel, HP, Macy's

Clear Channel and buyout firms Thomas H. Lee Partners and Bain Capital had accused six banks of not following through on their commitments to finance the acquisition, first announced in November 2006.

But a revised agreement calls for the deal to be financed at $36 per share, below the prior price of $39.20 per share. That lowers the value of the deal to $17.9 billion from $19.5 billion.

The stock soared $2.87, or 9.6 percent, to close at $32.87 in nearly five times average volume.

Shares of Clear Channel finished higher on Tuesday and climbed as the week continued; trading volume remained above normal.

On Friday, shares finished flat at $34.84, but still finished 16.1 percent higher for the week.

Tuesday's hot stock was Hewlett-Packard Co., which revealed plans to buy technology services company Electronic Data Systems Corp. for $13.2 billion, or $25 per share.

In nearly eight times average trading volume, the stock declined $2.56, or 5.5 percent, to close at $44.27, as investors questioned the risky purchase of EDS, which has posted weak profit margins.

Shares finished higher as the week continued. Banc of America Securities analyst Scott D. Craig touted the deal, saying it's an opportunity for HP to drive long-term growth.

On Friday, the stock rose 56 cents to close at $47.29.