DreamWorks Animation stock tumbled after the studio announced layoffs and over $300 million in writedowns and charges.
The stock fell $1.95 or 9.5% to $19.27 in trading on Friday. Earlier in the session, DreamWorks stock hit a new 52-week low of $18.30 after closing Thursday at $21.31.
The Glendale animated film giant on Thursday unveiled plans to cut 500 jobs, shake up top management and scale back its film production, as well as close its studio in Redwood City in Northern California.
The moves follow a string of box-office disappointments that...