NEW YORK (TheStreet) -- CBS Corp. (CBS) - Get Report stock is falling by 0.15% to $46.55 in early afternoon trading on Friday, ahead of the company's 2015 third quarter financial results, expected after the market close on Tuesday.
The media company has been forecast to report a year-over-year increase in earnings, but a decline in revenue for the most recent quarter.
Analysts have estimated for earnings of 81 cents per share on $3.27 billion in revenue for the latest quarter.
Last year, CBS posted earnings of 74 cents per share on $3.37 billion in revenue for the third quarter of 2014.
Media stocks have staged a nice resurgence, thanks to some positive indicators in the economy. Disney's (DIS) comeback from an atrocious August is nearly complete, but rival CBS is no slouch.
We see an inverse head-and-shoulders pattern in the chart that projects to around $50, and solid relative strength and overbought momentum indicators have this poised for a strong move higher.
The 200-day moving average could get to around 17% higher, which is now very attainable with no resistance in sight.
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