Viacom Downgrade Sends Stock To 7-Year Low
Viacom, Inc. (NASDAQ:VIA) shares are trading lower by $1.30 (5 percent) at $34.11 in Monday's session.
The catalyst for the decline is a downgrade to a Sell at Citigroup. The stock is now lower by 30 percent since peaking in April at $49.00.
Viacom's lower opening print of $35.00 stands as the high for the session as of 11:35 a.m. EST. That high was below its former low for the move from Friday at $35.30.
The follow-through on the decline took the stock to $33.65, but rebounded back into the $34.00 handle. It should be noted the stock bottomed in this area back in Aug. 2010, when it made a low at $34.09, that hadn't been revisited until today.
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