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Shares Of Dreamworks Sell off As Softbank Invests $250 Million Into Legendary Entertainment

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Shares of Dreamworks Animation Skg Inc (NYSE: DWA) opened under major selling pressure on Thursday. Rumors were circulating the Street that Legendary Entertainment would be receiving an investment from Softbank in the range of $250 million. Prior to any confirmation of such investment, Dreamworks shares sold down more than $1 until about 10:40 a.m. EDT when a confirmation was released regarding the investment from Softbank.

Short sellers covered their positions upon the release and shares of Dreamworks traded around $25.50 for about an hour before bears decided to re-enter positions. Around 11:00 a.m. EDT, sellers jumped on Dreamworks shares and drove the stock down another dollar to a low of $24.36.

Dreamworks was last down 6.1 percent at $25.10.

Posted-In: SoftbankNews Rumors

 

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