Paramount Global-B (PARA) closed at $10.93 in the latest trading session, marking a +1.2% move from the prior day. This move outpaced the S&P 500’s daily loss of 0.65%. Meanwhile, the Dow lost 0.18%, and the Nasdaq, a tech-heavy index, lost 1.16%.Prior to today’s trading, shares of the company had lost 16.99% over the past month. This has lagged the Consumer Discretionary sector’s gain of 1.29% and the S&P 500’s gain of 3.4% in that time.Market participants will be closely following the financial results of Paramount Global-B in its upcoming release. The company’s earnings per share (EPS) are projected to be $0.34, reflecting a 277.78% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $7.82 billion, indicating a 7.62% upward movement from the same quarter last year.For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.17 per share and a revenue of $30.95 billion, signifying shifts of +125% and +4.38%, respectively, from the last year.It is also important to note the recent changes to analyst estimates for Paramount Global-B. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 10.38% higher within the past month. Paramount Global-B is holding a Zacks Rank of #3 (Hold) right now.Valuation is also important, so investors should note that Paramount Global-B has a Forward P/E ratio of 9.2 right now. This represents a discount compared to its industry’s average Forward P/E of 17.82.Investors should also note that PARA has a PEG ratio of 0.4 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company’s expected earnings growth rate. As of the close of trade yesterday, the Media Conglomerates industry held an average PEG ratio of 1.92.The Media Conglomerates industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 54, putting it in the top 22% of all 250+ industries.The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.More By This Author:Keep An Eye On This Historically Hot Retail Stock As Earnings Approach Dividend Watch: 3 Companies Boosting Their PayoutsInsiders Are Buying These 5 Stocks