Viacom (VIAB)(VIA) reported mixed FQ1 results that matched EPS estimates and missed on revenues. The media company is working on a turnaround in the cable networks while see the movie studio underperforming. The stock ended down over 21% on the news despite trading at 5x earnings expectations and all the signs of improving networks and a digital shift. My recommendation is buy every dip of this 4.7% yielding stock. Was the sell off warranted? Disclosure: Long VIAB