Shares in CBS Corp., which plummeted 21 percent on Friday, dropped an additional 4 percent by midday today (Monday), trading at $7.77. Only a year ago, they were trading at $31.46, a decrease of more than 75 percent. The stock has been hit hard in recent days following an announcement by the company on Friday that it is cutting its outlook for the year and taking a $14-billion charge. The company said, "The continued economic slowdown in the United States has adversely affected advertising revenues across the company's businesses." Meanwhile, NBC Universal said that its operating profit climbed 10 percent and revenue, 35 percent thanks to its Olympics telecasts and the worldwide box-office success of Mama Mia! , which has earned $520 million and is still climbing.

13/10/2008