On March 19, Discovery Inc. shares closed at a remarkable $77.27, climbing from $20.24 on Oct. 30, 2021. There was lots of buzz about its Discovery + OTT launch, which features a massive marketing campaign that continues to dominate the Media Monitors Spot Ten Cable report.
Then, the bubble burst for DISCA on the Nasdaq GlobalSelect market, with Wall Street responding to signs that the OTT growth could perhaps wound core MVPD-distributed channels a bit too rapidly.
With Tuesday’s Closing Bell, DISCA finished at $39.01. Wednesday was a downbeat trading day for Discovery.
Why? Its Q1 2021 results missed Street expectations.