ViacomCBS, Discovery Plunge on New Downgrade, Block Trades
- Both media stocks post their biggest intraday drops ever
- Analysts say shares are overvalued amid streaming play
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A rally in ViacomCBS Inc. and Discovery Inc. that pushed the media companies to the top of the S&P 500 Index this year further unraveled on Friday after another major Wall Street firm said the stocks were overvalued.
ViacomCBS and Discovery posted their biggest declines ever in the aftermath of a downgrade by Wells Fargo, which joined a chorus of firms that have also turned more bearish on the stocks this year.