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What's Driving ViacomCBS Stock to Jump?
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Since the ViacomCBS recombination closed in December, the company's stock has often struggled amid Wall Street doubts that the merger can create much value given the secular challenges the industry has faced.
And that was before the novel coronavirus pandemic. But shares in ViacomCBS surged Thursday to close just over 10 percent higher than the day's opening price (up $1.54 to $16.42), after earlier trading as much as 17.5 percent higher.
The leap in stock price came despite the company reporting,before the market open, a 6 percent revenue and 22 percent adjusted net earnings drop for the first quarter, with advertising revenue down 19 percent and an even bigger pandemic-driven ad hit expected in the current second quarter.
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