Atlanta Braves stock plummets on first days of trading

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We can’t figure who’s performing worse: The Atlanta Braves on the baseball diamond or its stock on Wall Street.
The Braves’ first day on Wall Street, via The Liberty Braves ownership,  Series A shares (NASDAQ: BATRA) opened at $36 a share, but fell 44.6 percent to close at $19.95 a share. The stock’s Series C shares (NASDAQ: BATRK) opened at $27 and closed down 26.1 percent at $19.14 a share.
The Braves are 4-14 to begin the 2016 season and are in last place, by far, in their division and the glory days of the 1990’s retreat further and further in the rear-view mirror. Liberty Media Corp. (NASDAQ: LMCA), which owns the Braves, reported in November 2015 it would create a tracking stock for the Braves and for its two other principal businesses, Sirius XM Holdings Inc. and Live Nation Entertainment Inc.
“A tracking stock is actually not an official spin of the asset,” said Jeffrey Wlodarczak, founder and CEO of New York-based Pivotal Research Group LLC, at the time. “Basically a tracking stock is a tool for a company to highlight specific asset within the larger company.”
Liberty Braves will still be part of Liberty Media.
“It does arguably set the stage for Liberty to eventually spin the asset out to shareholders,” he added.
 
 

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