CBS Corporation Common Stock (NYSE: CBS)
CBS Corporation is off to a relatively strong day in the market today. When the opening bell rang, the stock started on a slow, yet steady path toward the top. However, minutes ago, we started to see a spike upward. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to CBS ahead.
What We’re Seeing From CBS
As mentioned above, CBS is off to a strong day in the market. While things looked relatively normal early on, more recently we’ve seen big gains. At the start of the trading session, the stock started a slow, yet steady trek upward. However, minutes ago, we started to see a big spike in value. Currently (12:04), CBS is trading at $65.72 per share after a gain of $1.33 per share (2.07%) thus far today.
Why The Stock Is Spiking
As usual, our partners at Trade Ideas were the first to inform us of the spike in value on CBS. As soon as they did, the CNA Finance team started digging to see what was causing the movement. In this particular case, the story pretty much jumped out at us. It seems as though the gains are the result of a deal that the company may work out with Hulu.
A report is surfacing at the moment that CBS is close to a deal with Hulu regarding the live-streaming service. If this deal works out, it will, of course, lead to stronger revenue for CBS Corporation. According to the reports, the deal may be announced as soon as later today.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CBS. In particular, we’re interested in seeing if the company does sign an agreement with Hulu for streaming services. If this is the case, we can expect gains. We’ll keep a close eye on the news and bring it to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!
[Image Courtesy of Wikimedia]