Did Les Moonves’ Salesmanship Help CBS Shares Hit A Record High Today?

I was starting to think that the popular view of the CEO as a supersalesman for CBS was becoming a tired caricature, until I saw what happened to the company’s stock today. Shares were +4% — to a new high (at least since its spin off from Viacom at the end of 2005) of $44.64 — even after the broadcaster last night disclosed Q4 financials that fell short of the Street’s revenue and profit expectations. It certainly helped that CBS also announced a $1B accelerated share repurchase. But if that’s all it took to win over investors then they should be in love with DirecTV, which yesterday announced a $4B share repurchase, and beat Q4 expectations. Yet it’s down about 5.8% since Wednesday as investors focused instead on the shot the company will take from Venezuela’s currency devaluation. It seems that the Street is more forgiving of CBS at least in part because Les Moonves has dazzled investors with his boundless optimism. (more…)

This article was printed from https://deadline.com/2013/02/cbs-stock-les-moonves-431661/