CBS (CBS) competes with other media conglomerates like Disney (DIS), News Corp. (NWSA), Time Warner (TWX) and Viacom (VIA) in the media and entertainment business.

The company recently released its fourth quarter 2010 earnings. Based on observed improvements in margins across all categories, an improving advertising environment and continued growth in the local broadcasting segment, we have updated our price estimate for CBS stock to $26.34. Our price estimate for CBS stands at 18% premium to the market price.

iTunes rounded out its network television offerings today by adding primetime CBS shows including all three CSI franchises, NCIS, Numb3rs and Survivor. The shows will be $1.99 each, just like shows from NBC, USA, Showtime, ABC, and (all importantly) Comedy Central's The Daily Show.

Investors seemed just as pleased as customers (the ones who will now be able to watch a bullet ripping through some poor sap's body over and over and over on their iPod's tiny screen). AAPL rode the tech sector up $2.195, or nearly 4%, to $60.76.

With this addition, iTunes carries virtually every popular primetime TV show, all for $1.99 each, and making the company the vendor of choice for watching television on the (very) small screen. The question: do customers want to download their TV, or record it on their DVRs for fullsize viewage? I'd much rather buy my shows one-by-one than navigate the complexities and scheduling required to remember to record them. How 'bout you?