The multi-hour streaming presentation by ViacomCBS on Wednesday about its soon-to-be-rebranded streaming service Paramount+ has not proven to be a short-term tonic for the company’s stock price.Shares entered the final hour of trading today down more than 5% at $62.14 on above-average volume.
It should be noted, though, that the stock has surged more than 70% in 2021 to date so a cooling-off period was fairly inevitable.Analyst reaction to the streaming extravaganza has been divided.
A number of optimists have keyed in on the company’s rosy profit and subscriber forecasts, while skeptics say the effort could accelerate declines in traditional operations.
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