by Tyler Durden
Tuesday, Apr 13, 2021 - 05:02 PM
All those who were saying that the prime brokers were lying when they said they were done dumping their Archegos holdings, well. you were right.
Shortly after the close, David Faber reported that Credit Suisse - whose loss from Archegos has yet to be fully quantified but is big enough to result in massive layoffs and widespread bonus cuts because apparently it has no idea that when it is liquidating, it has to do so fast.
. hitting the market yet again with more legacy shares, in this tens of millions of shares of Discovery Class A, Class C and IQIYI.
ViacomCBS, Discovery shares decline after recent records reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
ViacomCBS, Discovery shares decline after recent records
By Sinéad Carew
Reuters
(Reuters) - Shares in ViacomCBS and Discovery Inc tumbled on Wednesday, pausing a rally that has seen the stocks soar this year on increased appetite for value names, newly launched streaming services and an unwinding of bearish investor bets.
ViacomCBS Class B shares last traded down 4.4% at $92.02 after hitting a record of $101.97 on March 15. Discovery shares last traded down 3.6% at $73.09 after hitting a high of $76.61 on Tuesday.
ViacomCBS and Discovery have gained 146% and 142% year-to-date, respectively, as investors piled into undervalued names on expectations of a broader reopening of the U.S. economy while also eyeing direct-to-consumer streaming services that could help the more traditional media companies compete against newer rivals.
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ViacomCBS, Discovery shares decline after recent records
FILE PHOTO: The ViacomCBS logo is displayed on the Nasdaq MarketSite to celebrate the company s merger, in New York, U.S., December 5, 2019. REUTERS/Brendan McDermid
18 Mar 2021 03:30AM (Updated:
18 Mar 2021 06:14AM) Share this content
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NEW YORK: Shares in ViacomCBS and Discovery Inc tumbled on Wednesday (Mar 17), pausing a rally that has seen the stocks soar this year on increased appetite for value names, newly launched streaming services and an unwinding of bearish investor bets.
ViacomCBS Class B shares last traded down 4.4 per cent at US$92.02 after hitting a record of US$101.97 on Mar 15. Discovery shares last traded down 3.6 per cent at US$73.09 after hitting a high of US$76.61 on Tuesday.