Viacom: ‘If It Could Have Gone Wrong, It Did’
Viacom stock may have closed up two cents, to $40.51 yesterday, but one analyst is so bearish on the company that he has declared, “If it could have gone wrong, it did.”
Following the release of Viacom’s Q3 results on August 4, MoffettNathanson senior analyst Michael Nathanson slashed his estimates “as part of the endless story of negative earnings revisions.”
At the time, he asked what could get worse.
With yesterday’s announcement that interim CEO Tom Dooley is exiting on November 15, coupled with the news that a 50% cut in its quarterly dividend, to 20 cents, Nathanson sadly states that we have our answer.