Diamonds and Dogs
Cable companies in play. CBS (CBS) up 3%, Viacom (VIAB) is up 3% and Verizon (VZ) is up 2%. Shari Redstone, vice chairman of CBS, is pushing for Moonves, CEO of the broadcaster, to once again consider a merger with Viacom to combine the two companies her family controls. Moonves is open to exploring a Viacom deal, according to people familiar with the matter, but he has also talked to a range of potential suitors to identify alternatives. CBS has discussed deals with companies including Verizon Communications.
After a big run up, Alcoa (AA) is trading down 8% following earnings. The aluminum company reported a $1.04 a share verse estimates of $1.23 a share. Sales revenues rose 25.1% year over year to $3.17 billion verse estimates of $3.29 billion. Alcoa sees 2018 global aluminum demand growth of 4.25 to 5.25 percent, following the Company's final 2017 global demand growth rate of 5.25 percent. A number of stocks are lower following earnings. A little profit taking today.