Why ViacomCBS Stock Just Crashed 22%

Shares of entertainment company ViacomCBS (NASDAQ: VIAC), which announced Tuesday evening that it's changing its name to Paramount Global, reported earnings last night. Today, shares of Paramount (the name change has already gone into effect) are down 21.7% as of 11:30 a.m. ET.  

Don't be too confused about the name change and the unchanged ticker, by the way. Paramount says its tickers will be changing as well, with its Class A shares to be designated "PARAA," its preferred stock "PARAP," and its Class B shares simply "PARA," effective Feb. 17.

Image source: Getty Images.

Continue reading

Source Fool.com