CBS, Viacom Stocks Launch
By John M. Higgins -- Broadcasting & Cable, 1/3/2006 9:35:00 AM
The two stocks spawned by the split-up of Viacom both ticked up Tuesday in the first day of official trading.
The stock, the "new Viacom," composed largely of MTV Networks and Paramount, initially fell, but came back around and hit $41.87 per share, up 5% for the day. CBS Corp. (which is really the old Viacom corporation with a new name) increased out of the gate then dipped a bit, trading at $26.52, up 4% for the day.
Both stocks had been trading outside the New York Stock Exchange in the "when-issued" market, so insitutional investors have had a pretty good fix on the companies’ valuations for weeks. "No surprises here," says one Wall Street analyst.
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