The high was $65.25—it’s best since the 2006 separation from CBS Corp.
“We believe that the combination of a very cheap multiple, improving aggregate kids 2-11 viewing trends, increases in Nick’s ratings and the potential for improving second-half 2013 kids 2-11 film advertising makes Viacom a continued name to own,” Nathanson wrote in a report. “Viacom’s low relative multiple will continue to rise in expectation of positive earnings trends to come later in fiscal year 2013.”
That’s what investors wanted to hear, as Nick’s sagging ratings were a big point of focus for the company. It has since has made some major changes to programming to offset.
Disney’s stock hit $58.54 in the morning trading session, also an all-time high. Disney CEO Robert Iger recently mentioned the stock’s strong run over the past few weeks.
Disney also said last week it will lay off workers at its film studio and its consumer products division in an effort to cut costs. Its LucasArts also recently announced it will cut 150 employees. While the news is not great, it builds investor confidence that the company is trimming underperforming sectors.