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Paramount Global shares stumble, ending three-day rally

EditorMalvika Gurung
Published 19/10/2023, 06:36
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
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Shares of Paramount Global Class B ended a three-day winning streak on Wednesday, falling 2.17% to $12.19 per piece. This recent decline positions the stock $13.74 below its 52-week high of $25.92 apiece recorded in February 2023.

The downturn coincided with a challenging day for major indices, with the S&P 500 and Dow Jones dropping by 1.34% and 0.98% respectively on Wednesday. Paramount's competitors also felt the heat, with the stocks of Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), and Netflix (NASDAQ:NFLX) declining by 0.74%, 2.54%, and 2.68% respectively.

Trading volume for Paramount Global was notably subdued on Wednesday, with only 6.2 million shares changing hands, significantly lower than its typical 50-day average volume of 11.2 million shares. This lower trading activity underlines the difficult market conditions experienced on the day.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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