News summary: CBS 4Q results short of expectations

4Q MISS: CBS Corp. said it earned an adjusted 64 cents per share on revenue of $3.7 billion in the quarter through December. Analysts were looking for 69 cents of earnings per share on $3.83 billion in revenue.

ONE-OFF FACTORS: The results were weighed by a temporary pullback in ad spending by retailers at local TV stations and CBS not repeating a revenue bump from the sale of CW network shows to Netflix and Hulu last year.

SHARE ACTION: CBS shares fell 1.2 percent to $42.43 in after-hours trading.