CBS - WALL STREET GIVES CBS BLACK EYE

WALL STREET GIVES CBS BLACK EYE

Several media conglomerates that were hit hard in Thursday's attack of the bears on Wall Street recovered some of their losses today (Friday), but, as of midday, CBS had not. On Thursday, the broadcasting company fell 16 percent to a historic low of $4.51. It was down an additional .89 percent to $4.47 today, even as its corporate sibling Viacom rose 7.41 percent to $14.06. The continued downturn in the broadcaster's stock comes despite the fact that it continues to make ratings gains against all of its competitors. Last week, CBS shares rose after it said that it would pay a $.27 dividend in December, but some analysts warn that doing so will undermine the company's cash reserves.

21/11/2008