Shares of Internet darling LinkedIn, media stalwart CBS jump

Fri Aug 3, 2012 12:35pm EDT

The sign up page of Linkedin.com is seen in Singapore, May 20, 2011. REUTERS/David Loh

The sign up page of Linkedin.com is seen in Singapore, May 20, 2011.

Credit: Reuters/David Loh

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(Reuters) - Shares of professional networking website LinkedIn Corp and broadcaster CBS Corp shot up after both companies delivered better-than-expected results.

LinkedIn reported that second-quarter revenue rose almost 90 percent and raised its full-year outlook on Thursday. Its shares were up 12.1 percent at $104.80 on Friday morning on the New York Stock Exchange.

"The company just appears to get better in what would otherwise seem to be a very tough environment," Evercore analyst Ken Sena wrote in a note.

Meanwhile, CBS posted a quarterly profit on Thursday that beat analysts' forecasts and signaled that its network will benefit from demand for political commercials before the November U.S. presidential election.

Shares of CBS were up 5.4 percent at $34.84 on Friday morning.

In a note to investors, UBS analyst John Janedis wrote that for CBS "the earnings momentum story of the past two years continues to play out."

(Reporting by Jennifer Saba in New York; editing by Matthew Lewis)

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