By Christiana Sciaudone
biedex.markets — Discovery (NASDAQ:) and AMC Networks (NASDAQ:) are tumbling after Wells Fargo (NYSE:) downgraded the stocks seeing optimism overdone.
Discover is down more than 20%, while AMC Networks is lower by almost 9%.
Discovery was cut to equal weight from overweight, while AMC Networks was dropped to underweight from equal weight. The firm also slashed price targets on both. The two stocks rallied over the past 12 months, with investors looking toward streaming to boost results.
Block trades for both share classes of Discovery were said to be offered, according to Bloomberg, citing a person familiar.