Shares in Warner Bros Discovery gained more than 5% to finish the trading day at $25.97 after earlier rising as much as 11% with a few more bulls piling into the new stock.It is just the third day of trading for WBD, which moved sideways yesterday after starting off on Monday at $24.08.
WarnerMedia formally spun off from AT&T and completed its $43 billion merger with Discovery last Friday. AT&T shareholders own 71% of the new company, though Discovery management is in charge.
Volume was heavy, approaching six times the stock’s average.The upswing came on a day of broader progress for the stock markets, with the Nasdaq up 2% and the Dow rising 1%.
Other media and tech companies’ gains were generally more modest than Warner Bros Discovery’s, however.Jessica Reif Ehrlich, a longtime media analyst with Bank of America, issued a full-throated endorsement of WBD in a report this morning, initiating coverage with a “buy” rating.
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