NEW YORK (CBS.MW) -- Viacom on Wednesday cut its 2003 profit forecast, saying that local advertising has not bounced back as expected. Viacom shares VIA fell 3.6 percent, or $1.44, to $38.83 on ...

The company’s shares rose $1.50 to $44.45 on the New York Stock Exchange. Viacom’s cable networks and TV divisions posted double-digit revenue gains, helped by strong advertising.