CBS Corp. Shares Hit 52-Week High

Better-than-expected quarterly earnings and a dividend increase reported after the market close on Tuesday boost the stock.

NEW YORK – Shares of CBS Corp. soared on Wednesday and set a new 52-week high after the company’s better-than-expected first-quarter earnings report and news that it would double its dividend Tuesday afternoon.

The stock gained more than it has gained in a single day in 21 months, according to Bloomberg. CBS shares went as high as $27.72, a 52-week high, in early trading. At the end of the day, the stock was up 7.8 percent at $27.21. That gave the company a market value of $18.36 billion, according to Bloomberg.

Meanwhile, the stocks of Time Warner, which reported latest results early Wednesday, and Comcast, which had provided its first-quarter results Tuesday afternoon, closed lower on Wednesday.

Twitter: @georgszalai