The battles of television network CBS (or parent company Paramount Global) with POTUS have been well publicized. Yet, the less publicized story is the performance of the company’s stock, the terrible tale of which began long before the current brouhaha. Our May Elliott Wave Financial Forecast takes it from here:
Paramount Global was known as ViacomCBS when we showed a chart of its dramatic reversal in the April 2021 issue. The arrow on this updated version (below) marks the date. At the time, ViacomCBS stock had plunged 60% in just nine days:
When a well-known fund manager described Viacom’s initial decline as a “one-off, fender bender,” EWFF disagreed, saying in all “likelihood it will not be an isolated ‘blowup’” The blow-ups continued through Intermediate wave (4) from January 2022 to October 2022, during which the S&P declined 28% and the NASDAQ declined 38%. Paramount Global’s continued decline is a good road map to the stock market’s future.
The stock price action of Paramount Global is a stark reminder of how quickly financial fortunes can change – whether a single stock or a broad index.
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