Shares in ViacomCBS and Discovery, which had led a remarkable surge in traditional media stocks in 2021, are continuing their week-long slides today.Less than two weeks after hitting all-time highs, both stocks entered the home stretch of the trading day down about 30% apiece.
ViacomCBS was at $46.90 and Discovery was at $40.62 with two hours left in the session.Trading volume has been several times normal levels as investors back away due to the latest downgrades from a Wall Street analyst.
Both stocks have dropped between 40% and 50% since the start of this week.Investor enthusiasm about Discovery+ and Paramount+, the new streaming efforts (a rebrand of CBS All Access in the latter case), had been powering the shares.
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