FILE PHOTO: 888 7th Ave, a building that reportedly houses Archegos Capital, is pictured amid the coronavirus disease pandemic in the Manhattan borough of New York City, New York, U.S., March 29, 2021. REUTERS/Carlo Allegri/File Photo
Other stocks that were said to be caught up in the unwinding of Archegos included Tencent Music Entertainment Group, which was up 4.9% on Tuesday.Wall Street was counting the cost of the Archegos meltdown on Tuesday, with pressure piling up on Credit Suisse, while attention was turning to regulatory scrutiny that might result from banks unwinding the fund’s positions.
“Investors have decided the selling is done and its safe to go back in the water,” said Chris Marangi, co-chief investment officer for value at Gabelli Funds, which holds shares in Discovery and was ViacomCBS’s second biggest holder of voting stock as of late January.Tuesday’s rally follows a wild ride that has taken shares of ViacomCBS and Discovery to record highs of $101.97 and $78.14, respectively.
CFRA analyst Tuna Amobi reiterated his ‘buy’ ratings for ViacomCBS and Discovery, which have fallen 54% and 43% from their highs, respectively. Still, he said the volatility in the stocks was likely to persist.
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