- DreamWorks Animation (NASDAQ:DWA) is off 6% -- trading lower for the second day in a row, and down 15.6% since its announcement of layoffs and a smaller film slate.
- The studio said it would lay off 18% of its workforce and concentrate on just two films a year instead of three (only one film, Home, is set for 2015).
- In the wake of some box-office disappointments, CEO Jeffrey Katzenberg says it's time for him to focus more on the studio's core filmmaking business.
- Not all outlooks are grim; along with Piper Jaffray's upgrade, B. Riley has upgraded the stock to Buy, and The Hollywood Reporter notes the studio can draw $250M in credit if needed, along with selling unencumbered assets like its Glendale, Calif., campus for hundreds of millions more.
- Shares are off 44% in the past year.