CBS is going DOWN because...

... all the good news was baked in before earnings and...

... CBS did NOT guide OIBDA up for the rest of the year.

If you had paid attention to options, you would have noticed that a trader bought 2200 November 11 put options during the last hour of trading on Thursday.

That was the tell. This trader knew that CBS was not going to guide up, and he bet on CBS to go down.

(I bought CBS November 13/12 put spreads on Thursday and I will cash them in on Friday morning.)