Discovery, AMC Networks Tumble as Wells Fargo Downgrades By Investing.com

March 26, 2021 admin Stock News 0

© Reuters.

By Christiana Sciaudone

Investing.com — Discovery (NASDAQ:) and AMC Networks (NASDAQ:) are tumbling after Wells Fargo (NYSE:) downgraded the stocks seeing optimism overdone.

Discover is down more than 20%, while AMC Networks is lower by almost 9%.

Discovery was cut to equal weight from overweight, while AMC Networks was dropped to underweight from equal weight. The firm also slashed price targets on both. The two stocks rallied over the past 12 months, with investors looking toward streaming to boost results.    

Block trades for both share classes of Discovery were said to be offered, according to Bloomberg, citing a person familiar.  

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*