CBS, Viacom Sink To Five-Year Wall Street Lows


While Toronto’s TSX was closed Monday in observance of Canadian Thanksgiving Day, New York’s financial markets were open on Columbus Day in the U.S.

Perhaps they should have closed. Small losses were seen overall as investors frowned on word that the first phase of a U.S.-China trade agreement was not yet finalized.

At the Closing Bell, the Dow 30 was down 29.23 points to 26,787.36. Nasdaq was off 8.39 points to 8,048.65. For media stocks, red was the color of the day.

Of particular concern is a 29-cent dip for Viacom‘s Class B shares, to $22.73. With Viacom merging with CBS Corp., VIA-B is sinking and hit another fresh five-year low on Monday.

Viacom shares were at $31.73 on July 9, and have been largely down since the end of July.

For CBS, the story isn’t much better, with shares following below a September 2015 malaise since October 1. CBS’s year-to-date high is also July 9, when shares finished at $53.37.

Since then, CBS and Viacom have followed an equal trajectory — down.