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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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.