Viacom B (VIAB), which is an American multinational media conglomerate that’s primarily involved in cinema and cable television, was the S&P 500’s second-best gainer on January 18. Following a strong performance last week, Viacom started this week on a weaker note but regained strength as the week progressed.
On Thursday, Viacom B started the day higher and rose to 5.5-month high price levels. The buying pressure in Viacom increased as merger talks with CBS (CBS) improved the market sentiment. CBS and Viacom split in 2005. The upward move gained momentum on Thursday following reports that Shari Redstone, an American media executive and a controlling shareholder of CBS, is pushing for new directors at CBS amid merger talks.
On January 18, Viacom B gained 6.2% and closed the day at $33.95—the highest daily close since August 3, 2017. Viacom B is part of the S&P 500 Consumer Discretionary sector, which declined 0.05% on Thursday.
Wyndham Worldwide (WYN), which is an American hospitality company, was the S&P 500’s third-best performer on January 18. After gaining last week, Wyndham Worldwide started this week on a weaker note and remained low in the first two trading days. On Thursday, Wyndham Worldwide opened higher and rallied to fresh record-high price levels.
The buying pressure in Wyndham Worldwide increased on Thursday after Wyndham Worldwide and La Quinta announced their acquisition agreement. According to Wyndham Worldwide, the deal is worth $1.95 billion including La Quinta’s debt of $715 million. According to Wyndham Worldwide’s management, the acquisition of La Quinta would generate annual cost saving of $55 million–$70 million by the end of 2019.
On January 18, Wyndham Worldwide gained 4.8% and closed the day at $122.73. Wyndham Worldwide is part of the S&P 500 Consumer Discretionary sector, which declined 0.05% on January 18.
In the next part of this series, we’ll discuss how the S&P 500’s top losers performed on Thursday.