Wall Street Shrugs Off Max As WBD Shares Dip 6%
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deadline.comShares of Warner Bros. Discovery dipped nearly 6% today as the company took the wraps off its rebranded streaming service amid a flood of new programming announcements.
The venue was the Warner Bros. lot and this was a pure press conference, not an investor day, although Wall Street is heavily invested in the streaming landscape.
WBD shares ended the session off 5.83% at $14.06, down more than other media stocks and the broader market. They’re up hair in after-market trade.
There weren’t any huge surprises today. The rebrand, from HBO Max to Max, has been out there. Some on the Street aren’t thrilled with the new name, noted one analyst — echoing laments in the creative community about playing down the very well known HBO brand.
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