Why Discovery Communications Stock Plunged Today
Shares of Discovery Communications (NASDAQ: DISCA) (NASDAQ: DISCK) were sinking again today. Investors continued to bail out of suddenly popular legacy media stocks like Discovery and ViacomCBS (NASDAQ: VIAC), which have recently launched streaming services.
There was no particular news out on Discovery, but trading was so volatile that it was temporarily halted this morning. However, Discovery said that the volatility was not the result of insider transactions or trading.
As of 1:40 p.m. EDT, Discovery Series A shares were down 27%, while Series C shares had fallen 30.9%. Meanwhile, ViacomCBS stock was down by a similar percentage.
Source Fool.com
