Wells Fargo media analyst Steven Cahall not only gave ViacomCBS a downgrade, which led to a further pummeling of that company’s stock, but presented Discovery Inc. with some bad news of its own.
Cahall’s downgrade of Discovery wasn’t a sucker punch, as he put the company in a better light than ViacomCBS. Still, investors immediately responded by selling off their shares.
The result: A 27.5% day-over-day decrease in value for DISCA resulting in value investors buying in early after-hours trading on Friday.
