CBS Corp.'s Stock Hits 52-Week High
NEW YORK -- The broad-based S&P 500 stock index bottomed out March 9, 2009, ending a U.S. bear market driven by the financial crisis and recession.
But on Friday, exactly three years later, CBS Corp. had something to celebrate: Its stock hit a 52-week high of $30.99, which also marks the highest price for the stock since the company's separation from Viacom at the start of 2006, before closing at $30.81. And data provided by the company shows that the media and entertainment stock is the second-best performer in the S&P 500 since the 2009 bottom. Only hotel chain Wyndham Worldwide, up 1,324 percent, has outperformed CBS shares during that time.
The stock of CBS, led by president and CEO Leslie Moonves, closed at $3.09 on March 9, 2009 -- a price that mirrored the date, 03/09. Given that CBS is the most advertising-dependent entertainment conglomerate stock, it took a deeper dive than most during the down market, amid fears about the economy. But improving economic trends and a stronger ad market have seen it bounce back, up 897 percent from where it stood three years ago.
The Associated Press late Thursday published a list of top stock performers since the 2009 low, ranking CBS third. But Friday's trading session saw the stock gain one spot by closing up 0.9 percent, giving it a market value of $20 billion, according to Bloomberg.