Top 5 Gainers on Friday

2. Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Number of Hedge Fund Holders: 68

Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) rose nearly three percent this morning. The surge apparently came after the entertainment conglomerate disclosed that it is no longer a stakeholder in the U.K-based news startup GB News.

Warner Bros. Discovery, Inc. (NASDAQ:WBD) said in a statement:

“Following the merger between Discovery and WarnerMedia earlier this year our portfolio now includes several wholly owned news brands including CNN Worldwide, TVN Group in Poland and Newshub in New Zealand. In light of this, and our continued evaluation of our global and local investment portfolio, we have exited our investment in GB News and are no longer shareholders.”

Separately, Warner Bros. Discovery, Inc. (NASDAQ:WBD) also appeared in the second-quarter 2022 investor letter of investment management firm Smead Capital Management. Here’s what the firm said:

“Leading the downside were stocks we own tied to any economic optimism. Warner Bros. Discovery, Inc. (NASDAQ:WBD) suffered selling from AT&T (T) shareholders disposing of it upon distribution of the shares in the merger. We have been too optimistic about how long it would take for these uninterested parties to sell. Macerich (MAC) suffered from fears of what a recession and higher interest rates would do to their business, disregarding the recovery in the Class “A” mall space since 2020.”