Smart TV set maker Vizio went public Thursday at $21 a share, but after a day of trading, its stock closed at $19.10, down 9%.
Vizio had expected to sell shares at between $21 and $23, so its stock started on the low end, and fell lower in early trading, before recovering somewhat.
Vizio’s stock sold as the market turned bearish on media companies that have been seeing big gains as they launched streaming services and reporting better than expected subscriber numbers.
Analysts are saying current prices of media stocks may not be justified and that enthusiasm for their streaming services may be irrationally exuberant.
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