{"id":31940,"date":"2023-11-03T18:30:59","date_gmt":"2023-11-03T18:30:59","guid":{"rendered":"https:\/\/microloannexus.com\/news\/paramount-global-stock-up-double-digits-for-second-straight-day\/"},"modified":"2023-11-03T18:31:01","modified_gmt":"2023-11-03T18:31:01","slug":"paramount-global-stock-up-double-digits-for-second-straight-day","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=31940","title":{"rendered":"Paramount Global stock up double digits for second straight day"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Paramount<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> stock jumped about 14% Friday, a day after posting another double-digit gain, and it&#8217;s on pace for its best day since last November.<\/p>\n<p>The media giant released its third quarter earnings report after the closing bell Thursday, posting higher profit and revenue from a year earlier.<\/p>\n<p>On Friday, the stock was up 24.6% week-to-date, in line for its best week since March 2021, when it gained 27.88%. However, the stock is still down about 20% year-to-date, heading for its seventh negative year in a row, its longest yearly losing streak.<\/p>\n<p>Its streaming business, which includes Paramount+ and Pluto TV, also reported 38% growth in revenue and narrower losses. Paramount+ posted a total of 63 million subscribers.<\/p>\n<p>Wall Street analysts liked what they saw from Paramount&#8217;s report.<\/p>\n<p>Bernstein Research analysts noted that the trends in the third quarter were strong, and if the company keeps them up, Paramount can expect more earnings growth.<\/p>\n<p>Moffett Nathanson Research analysts echoed that sentiment while remaining cautiously optimistic.<\/p>\n<p>&#8220;Regardless of how any future bundling deal does or does not play out, Paramount+ is moving into <br \/>this age as a leaner and more efficient platform than we had anticipated,&#8221; they wrote.<\/p>\n<\/div>\n<div>\n<div class=\"Collapsible-proliveCollapsableContainer\" role=\"button\" tabindex=\"0\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"256\" height=\"256\" viewbox=\"0 0 256 256\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" preserveaspectratio=\"xMinYMin\" class=\"Collapsible-stockChartIcon\"><title>Stock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><\/div>\n<\/div>\n<p><iframe title=\"Paramount's positive momentum\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=PARA&amp;range=5D&amp;type=mountain&amp;embedded=true&amp;%24DEVICE%24=undefined\" height=\"460\" scrolling=\"no\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<p>Paramount&#8217;s positive momentum<\/p>\n<\/div>\n<div class=\"group\">\n<p>The company&#8217;s positive momentum comes on the heels of a successful sale of book publisher Simon &amp; Schuster earlier this week for $1.62 billion. CNBC previously reported that Paramount&#8217;s controlling shareholder, Shari Redstone, is open to a merger or selling the company at the right price \u2013 but market conditions have complicated possibilities for a transformative transaction.<\/p>\n<p>Paramount did, however, report losses in the TV arena, with advertising revenue dipping 14%. Its TV assets include brands like MTV, Nickelodeon, CBS and Showtime. Licensing and other revenue also decreased 7%.<\/p>\n<p>While the company took a hit with $60 million in idle costs from Hollywood labor strikes, company executives said on the earnings call that they are optimistic the company will bounce back with its upcoming slate. The company also doesn&#8217;t plan to institute a streaming password-sharing crackdown similar to Netflix&#8217;s.<\/p>\n<p>Paramount&#8217;s stock closed up 10% Thursday during a rally across the media sector, spurred by Roku&#8217;s strong third quarter earnings report. An increase in Roku users allows consumers more access points to streaming services like Paramount+. Roku&#8217;s stock soared 30% Thursday.<\/p>\n<p>Other media stocks also jumped Friday morning, including <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-7\">Roku<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-8\">Disney<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>. was up nearly 5%, <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-9\">Warner Bros Discovery<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> \u2013 which reports earnings next week \u2013 also was higher Friday.<\/p>\n<p><em>\u2013CNBC&#8217;s <\/em><em>Christopher Hayes<\/em><em> contributed to this report.<\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/03\/paramount-global-para-stock-jumps-second-straight-day.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paramount stock jumped about 14% Friday, a day after posting another double-digit gain, and it&#8217;s on pace for its best day since last November. The media giant released its third quarter earnings report after the closing bell Thursday, posting higher profit and revenue from a year earlier. On Friday, the stock was up 24.6% week-to-date,<\/p>\n","protected":false},"author":1,"featured_media":31941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-31940","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paramount Global stock up double digits for second straight day | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Paramount stock jumped about 14% Friday, a day after posting another double-digit gain, and it&#039;s on pace for its best day since last November.The media\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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