Shares in ViacomCBS and Discovery Inc tumbled on Wednesday, pausing a rally that has seen the stocks soar this year on increased appetite for value names, newly launched streaming services and an unwinding of bearish investor bets.
ViacomCBS Class B shares last traded down 4.4per cent at US$92.02 after hitting a record of US$101.97 on March 15. Discovery shares last traded down 3.6per cent at US$73.09 after hitting a high of US$76.61 on Tuesday.ViacomCBS and Discovery have gained 146per cent and 142per cent year-to-date, respectively, as investors piled into undervalued names on expectations of a broader reopening of the U.S.
A similar phenomenon, known as a short squeeze, helped spark a wild ride in shares of GameStop Corp and other names popular with retail traders on Reddit’s WallStreetBets and other online forums in January. Some 81.1 million Viacom shares are shorted compared to 96.4 million in January, the firm’s data showed.
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