Warner Bros. Discovery Stock Jumps on Max Streaming Momentum, Upbeat M&A Outlook

variety.com:

Todd Spangler NY Digital Editor Investors pushed Warner Bros. Discovery stock to its highest levels in nearly nine months, rallying behind progress on its Max streaming business and the possibility that a Donald Trump administration could grease the wheels for industry consolidation.

WBD shares climbed more than 16% in early trading Thursday after the company reported Q3 results. As of 11:30 a.m., the stock had retreated somewhat to +10.6%, at $9.27 per share, but was still one of the biggest gainers among media stocks.

The rise came as the Dow Jones Industrial Average headed into negative territory Thursday after a 3.6% post-election bump Wednesday.

Revenue in Warner Bros. Discovery’s direct-to-consumer streaming segment rose 9% to $2.6 billion, and adjusted earnings came in at $289 million, a $178 million increase from the year-prior quarter (including a $41 million loss from the broadcast of the Olympics in Europe).