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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 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:), Amazon (NASDAQ:), and Netflix (NASDAQ:) 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.
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