Shares of CBS (CBS) Jump on Q4 Earnings Beat

Shares of CBS Corp. (NYSE: CBS) are surging this morning despite news that the company will reduce its quarterly dividend by more than 80% from $0.27 to $0.05 per common share. Traders may be buying the stock today on better-than expected Q4 earnings, which beat Wall Street's estimates by 8 cents.

CBS's stock is currently up 13% to around $5.80.

Shares of CBS are leading the entire Broadcasting & Cable TV sector higher this morning.

Click here to see some highlights from the company's Q4 conference call.

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