NEW YORK — CBS is back on Wall Street. Just two years after Westinghouse Electric Corp. acquired the Eye web and removed its ticker symbol from the New York Stock Exchange, Westinghouse formally changed its name to CBS Monday.
And investors greeted the stock enthusiastically, driving it up 62¢ Monday to a new all-time high of $30.62 amid a broader market rally.
CBS chairman Michael Jordan signaled the name change by ringing the NYSE’s opening bell at 9:30 a.m., CBS said, joined by CBS Television president Leslie Moonves, CBS News anchor Dan Rather and Bill Cosby.
Cosby also bought the first 1,500 shares of CBS stock, which will be donated to a New York City foundation promoting high school students’ employment, CBS said in a statement.
The name change, reflecting Westinghouse’s sale of most of its industrial businesses, comes as the Eye web is showing a turnaround in the ratings highlighted by its victory in the November sweeps in households and total viewers last week.