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Viacom's B shares (VIA.B) closed today's session at $33.70. They were down a little less than 1%. Volume was strong. Those who were hoping that the second-quarter earnings report, which was released earlier in the morning, would turn out to be an exciting catalyst were unfortunately disappointed.
The media company, whose colleagues include CBS Corporation (CBS) and The Walt Disney Company (DIS), said it made 69 cents per share this time around versus income of 46 cents per share in the year-ago period. On an adjusted basis, profit from continuing operations was 68 cents per share, which was two pennies ahead of estimates.
Both filmed entertainment and media networks saw excellent jumps in their respective bottom lines. The former went from losing $8 million to making $69 million in Q2. The latter increased its income by 14%.
Not bad. But why doesn't the market care?
My guess would be that companies need to really impress since the overall climate is still quite cautious. It doesn't appear as if the bears are done just yet.
Viacom isn't expensive. Those who have been thinking about investing in this idea can begin to take a look. Traders, however, should be checking out other vehicles. The price action and volume don't reflect well on this one, in my opinion.
Disclosure: I own Disney; positions can change without notice.
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