Media conglomerate CBS Corp. stepped up after today's closing bell to report third-quarter profit of $343.3 million, or 48 cents per share, up from its year-ago results of $316.9 million, or 42 cents per share. Revenue declined on a year-over-year basis, declining 3% to $3.4 billion. Both figures surpassed the average analyst estimate, which called for per-share earnings of 43 cents on $3.33 billion in revenue.

CBS warned that it expects revenue to fall 2% to 3% for 2007, stemming from the divestiture of lower-margin, slower-growth assets, including 39 radio stations and 9 TV stations.

The shares of CBS gave up 1.5% amid today's widespread selling pressure. The stock has slumped under its 10-week and 20-week moving averages since late July, erasing all its year-to-date gains in the process. However, option traders only seem ever-so-slightly skeptical toward the underperforming shares; its Schaeffer's put/call open interest ratio of 0.86 is higher than 69% of other such readings taken during the past year.