ViacomCBS Skeptics See Prospect of More Pain After 55% Drop
- ViacomCBS tumbles for a fifth day amid block-trade fallout
- BMO and Loop Capital upgrade stock but avoid turning bullish
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ViacomCBS Inc. went from the top of the S&P 500 to near its bottom on Monday, being hit from all sides and erasing more than half of its value in just one week.
Multiple downgrades, an ill-timed stock offering and, as a final blow, at least two large block trades linked to the forced liquidation of Archegos Capital Management, brought ViacomCBS down from a record $100.34 on March 22 to $45.01 Monday. The stock fell 55% in five sessions.