ViacomCBS (VIAC) closed the most recent trading day at $32.72, moving -1% from the previous trading session. This change was narrower than the S&P 500's daily loss of 1.94%. At the same time, the Dow lost 1.07%, and the tech-heavy Nasdaq lost 0.39%.

Coming into today, shares of the company had gained 5.32% in the past month. In that same time, the Consumer Discretionary sector gained 1.68%, while the S&P 500 gained 5.72%.

Wall Street will be looking for positivity from ViacomCBS as it approaches its next earnings report date. The company is expected to report EPS of $0.39, down 62.5% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.46 billion, up 8.52% from the year-ago period.

Investors might also notice recent changes to analyst estimates for ViacomCBS. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.33% lower. ViacomCBS is currently a Zacks Rank #3 (Hold).

Investors should also note ViacomCBS's current valuation metrics, including its Forward P/E ratio of 8.94. This represents a discount compared to its industry's average Forward P/E of 28.78.

Investors should also note that VIAC has a PEG ratio of 0.64 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Film and Television Production and Distribution was holding an average PEG ratio of 1.36 at yesterday's closing price.

The Film and Television Production and Distribution industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 174, putting it in the bottom 32% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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