Diamonds and Dogs
The Queen of Wall Street—Oprah Winfrey is losing weight and making money with Weight Watches (WTW). Weight Watchers jumped 25% thanks to better than expected earnings and raised guidance today. Oprah is now up eight times her original investment, or $340 million. Not bad for a billionaire.
People don't want their MTV. Viacom (VIAB) dropped 14% to a new 52 week low on lower guidance. The owner of TV networks including Comedy Central, MTV, and Nickelodeon and film studio Paramount Pictures released its fiscal third-quarter earnings on Thursday night. Revenue and profit were better than Wall Street expected, but management gave a bleak outlook for the future as customers cancel their cable subscriptions in favor of streaming services like Netflix, which just passed 100 million subscribers. Times are a changing.