Viacom shares gain for a second straight session on Friday, quarterly revenue, earnings top estimates as “Mission: Impossible – Fallout” supports

November 19, 2018 8:00 am

Viacom Inc’s (VIA) quarterly earnings and revenue, reported on Friday, exceeded Wall Street estimates, supported by a rather positive reception of the “Mission: Impossible – Fallout” action movie featuring actor Tom Cruise.

Viacom shares closed higher for a second consecutive trading session on NASDAQ on Friday. The stock went up 2.49% ($0.90) to $37.04, after touching an intraday high at $37.71, or a price level not seen since October 19th ($38.00).

Shares of Viacom Inc have risen 6.13% so far in 2018, following a 9.35% drop in 2017.

Total revenue went up to $3.49 billion during the quarter ended on September 30th, from $3.32 billion during the same period a year ago. In comparison, analysts on average had expected revenue of $3.37 billion.

Viacom’s international affiliate revenue came in at $1.19 billion during the fiscal fourth quarter, which topped the median analyst estimate of $1.17 billion.

Paramount reportedly generated almost $800 million in sales globally from the sixth installment of the “Mission Impossible” series.

The owner of Comedy Central, MTV and Nickelodeon said that net income attributable to shareholders had decreased to $394 million ($0.98 per share) during the latest quarter from $674 million ($1.67 per share) in the year-ago period.

Meanwhile, Viacom’s earnings per share, excluding special items, were reported at $0.99 during the fiscal fourth quarter. The figure compares with a median analyst forecast of $0.95 per share.

According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Viacom Inc’s stock price, have a median target of $34.50, with a high estimate of $44.00 and a low estimate of $26.00. The median estimate represents a 6.86% downside compared to the closing price of $37.04 on November 16th.

The same media also reported that 20 out of 29 surveyed investment analysts had rated Viacom Inc’s stock as “Hold”, while 7 – as “Buy”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Viacom Inc (VIA) are presented as follows:

Central Pivot Point – $36.49
R1 – $38.26
R2 – $39.48
R3 – $41.25
R4 – $43.02

S1 – $35.27
S2 – $33.50
S3 – $32.28
S4 – $31.06

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