JBL: Here We Are, Now Entertain Us

Replacing Howard Stern with unproven middle-aged rocker David Lee Roth was a bad idea. Opie and Anthony, two other shock jocks, is a good idea. CBS also has plans to divest itself of smaller, less profitable radio stations.

CBS has welcomed technology change with the new advent of downloading content and the Internet. This provides two revenue streams, one for the content and one for the ads on it.

CBS and Viacom(VIA.B Quote) were split into two companies last year with CBS becoming what a lot of people would view as the slower-growing company. However, the one important variable is Moonves. CBS has produced a strong lineup for the fall, which is personally overseen by Mr. Moonves.

CBS is trading at a forward multiple of 13.5 times earnings estimates of $1.85 a share. CBS has a projected long-term growth rate of just under 10%. Even with the radio network in a slump, the numbers are decent. And with online programming producing a new revenue stream, this should be as low as they get.

CBS actually has a better P/E-to-growth ratio than Disney , another great content company that will do well in the new-media age.

Fast Markets

As soon as I got my article up on the Web last weekend, the news came out that an investor, Zachary Schreiber of Duquesne Capital Management, had written a letter protesting the costs of Exelon's buyout of New Jersey-based PSE&G .

The protest centered on the fact that because Exelon shares had increased since the initial valuation of the deal was announced, the deal had become dilutive for Exelon. The stock that Exelon offered to buy PSE&G with was worth $12 billion at the time the deal was announced and is now worth $16 billion, according to Mr. Schreiber, who owns 5 million shares of Exelon.

There must be something to these charges because management at EXC has said that this will be an important element in the transaction. My advice: wait and see. I love the nuclear field here, and Exelon is a well-run company. If it can renegotiate the deal at current valuations -- as it has hinted it might try -- it is still a home run.

Meanwhile, Altria (MO Quote) won a $150 million reversal on one of its "light" cigarette cases. This should clear the way for future litigation to go the way of the cigarette maker. I still believe we will see MO split into three companies and the value will be over $100 for this stock. Until then, hold on to that 4.5% dividend and wait.

Remember, being poor is bad, staying that way is stupid.