CBS Corporation shares in late December dipped to as low as the mid-$43 range — a rarity for a stock mainly in the $50-$60 range. On Wednesday, a 1.7% decrease put CBS back under the $50 level, and more than $13 below its 1-year target estimate.
At the Closing Bell, CBS shares were priced at $49.50, down 86 cents.
That’s nearly $10 lower than where CBS shares were on July 9, 2018 — before a series of incidents led to the departure of its CEO, Les Moonves, and fueled renewed speculation that National Amusements Inc., led by Shari Redstone, is orchestrating an eventual reunification of CBS with Viacom.
Viacom’s Class B shares on Wednesday were off 22 cents, to $28.63.