From Disney to Netflix to Warner Bros. Discovery, media and tech stocks were pummeled in 2022 as faith in streaming waned, global subscriber growth stalled and macroeconomic concerns forced a recko…
, media and tech stocks were pummeled in 2022 as faith in streaming waned, global subscriber growth stalled and macroeconomic concerns forced a reckoning on content spending for entertainment’s largest players.
“Consumers with a cushion of savings from lockdown have mostly exhausted their post-COVID excess cash and for the first time are getting hit by a broadening negative wealth effect from all assets simultaneously — whether that’s housing, bonds, equities, alternative/private investments or crypto,” said Dubravko Lakos-Bujas, JPMorgan’s global head of equity macro research.
Warner Bros. Discovery shares had quite a journey this year. The year began with Discovery and AT&T shares trading separately until the spinoff deal was completed on April 11. Discovery shares closed April 8 at $24.43 while AT&T shares closed at $18.23. AT&T’s stock price inched up in the months after the transaction was completed.
Notably, one of the few stocks that is up from where it started 2022 is that of TV station group giant Nexstar , which has spent the yearThe hits came in waves throughout the year, first reaching a breaking point with an historically brutal trading day May 18, when the Dow Jones plunged 1,164.52 points, or 3.57%, following a months-long correction.
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