WBD stock drops following financial report

Warner Bros. Discovery and its stock are "in Wall Street’s focus" today as analysts "dissected its fourth-quarter and 2023 earnings report and management’s lack of outright 2024 guidance." Before the market opened, the Hollywood conglomerate reported that it managed to turn a profit for its DTC unit, which houses its streaming business, for the full year at $103M. But its latest overall company earnings "fell below Wall Street expectations." On the earnings call, management "expressed more confidence about the road ahead," but "didn’t detail 2024 financial guidance." As of 3pm ET, shares of the entertainment giant were $8.61 after "hitting a 52-week low and its lowest point since the merger that created it" in April 2022 earlier in the trading session -- $8.25 (HOLLYWOOD REPORTER, 2/23).