WBD

Warner Bros. Discovery (WBD) has outperformed the broader market with a +9.5% return over the past month, despite its industry declining 10.6%. The company holds a Zacks Rank #3 (Hold) rating based on mixed earnings estimate revisions and a D valuation grade, suggesting it may perform in line with the broader market in the near term. Recent results showed revenue decline of 11.2% year-over-year, though EPS surprised positively.

Nasdaq announced that Moderna, Inc. (MRNA) will replace Warner Bros. Discovery, Inc. (WBD) as a component of the Nasdaq-100 Index effective October 9, 2026. The Nasdaq-100 Index tracks 100 of the largest Nasdaq-listed non-financial companies and is tracked by over 200 investment products with $800 billion in assets under management globally.