Why Paramount Global (PARA) Is Skyrocketing?

We recently published a list of 10 Stocks Outperform Broader Market on Wednesday. In this article, we are going to take a look at where Paramount Global (NASDAQ:PARA) stands against other stocks that outperform broader market on Wednesday.

The stock market finished in the red territory on Wednesday as investors sold off positions to mitigate risks from a fresh round of tariffs due in the next few days.

The tech-heavy Nasdaq fell the hardest, down 2.04 percent, followed by the S&P 500, down 1.12 percent. The Dow Jones declined by 0.31 percent.

According to President Donald Trump, all cars made outside of the US would be slapped with a 25-percent tariff beginning April 2.

Meanwhile, let us take a look at the 10 companies across mixed sectors that defied a broader market downturn, having registered modest to strong gains during the trading session.

To come up with the list, we considered only the stocks with $2 billion market capitalization and $5 million in trading volume.

Viewers at home watching a top-rated show on the CBS Television Network.

Paramount Global (NASDAQ:PARA)

Paramount Global grew its share prices by 2.15 percent on Wednesday to end at $11.86 apiece as investor sentiment was bolstered by news that it earned the backing of a Delaware judge denying access to a pension fund investor group’s access request to the media giant’s $8-billion SkyDance sale.

In his decision dated March 24, Delaware Court of Chancery Vice Chancellor J. Travis Laster agreed to PARA’s appeal denying Rhode Island’s retirement pension fund after agreeing to the fund’s original motion in January seeking confidential files related to the merger transaction.

The retirement fund alleged that Shari Redstone and her National Amusements Inc.—PARA’s majority owner, had been self-dealing by channeling potential buyers toward a purchase of NAI or its control block.

“It is known that in a [mergers and acquisitions] setting, the individuals speaking confidentially to reporters are usually the parties’ public relations firms, their investment bankers, sometimes their lawyers, and sometimes internal personnel,” the judge noted.

Overall, PARA ranks 10th on our list of stocks that outperform broader market on Wednesday. While we acknowledge the potential of PARA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as PARA but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.