Warner Bros stocks up 4.5% as stock markets bounce back
By MARK HOFFMAN, APBusiness writerAUSTIN, Texas (AP) Warner Bros. stock is up 4 percent and the company’s movie studio is down another 1 percent as investors continue to rally after the stock market crash.
Warner Bros. is up 7.8 percent this year and up 9.1 percent this month.
The company reported net income of $1.7 billion and profits of $857 million, down from $977 million and $1 billion, respectively, last year.
The company said it expects a net loss of $976 million this year, but its stock price has climbed more than 10 percent since Warner Bros.’
The stock is trading at $59.10.
In the short term, Warner Bros’ stock is down from the $75 price that investors were expecting.
The IPO raised $15 billion in funding from private investors.
Warner Bros, the largest independent movie studio, owns the rights to a number of popular movies and television shows, including “Justice League,” “Batman,” “Jurassic World,” “The Dark Knight” and “The Flash.”
Its share price has also risen nearly 20 percent over the past two months, reaching $65.23 on Friday.
The share price is up about 12 percent since early June.