CBS (CBS) continues to make the argument that network television advertising will do relatively well during a recession. Wall St keeps rejecting the idea. CBS shares are now down to $14.43, off over 50% from their 52-week high. The smart bet is that they will go lower.
But, there is an idiot’s case for buying CBS which may have some merit. CBS picked up technology internet company CNET just a few months ago. Most Wall St. observers thought that the network overpaid. The disappointment is priced into the CBS shares. Since internet advertising is still growing, the results from CNET could surprise CBS shareholders. Income from network TV almost certainly will not. The odds may be long, but CBS could rally on good CNET numbers
Douglas A. McIntyre.
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