On Wednesday, April 12, Warner Bros. Discovery gave an expansive presentation on its plans to overhaul HBO Max into Max, launching in the U.S. on May 23, and teased new projects from its warhorse properties. In the year leading up to yesterday's presentation, WB Discovery's stock values suffered as Wall Street reacted to post-merger changes, cost-cutting, and management realignment. And now the company has slowed its role with cost-cutting measures, hurting workers and diversity in the process; it's turned its sights on profit-making.

Wall Street’s verdict on WB Discovery’s new plans is still not in, but investors' immediate reaction to yesterday's announcements shows the company has a long way to go in sorting out its profit centers in streaming. When a struggling company announces its decision to re-invest in high-ticket programming with an allegedly large and guaranteed fandom (e.g., Game of Thrones, Harry Potter), you'd assume there would be a coinciding increase in confidence in the brand that would translate into higher stock values—but that's not how shareholders acted on April 12. Instead, WB Discovery's hour-long presentation on its Burbank lot led to the company ending the day with a dip in shares by the close of trading.

Per Variety, following Wednesday's presentation, WB Discovery's "stock fell 5.8% to $14.05." However, the day was a down day for the market overall, so most of the company's significant media rivals also experienced a dip, including "Disney (down 2.5%), Paramount Global (3.3%), and Netflix (down 2%)."

As of Thursday, April 13, WB Discovery's stock had increased slightly. The stock rose 1.71% and was up $0.24 (from $14.05) during pre-market trading, per InvestorsObserver.

Related: J.K. Rowling's Production Company Reports 74% Drop in Profits: Did Loss Impact the Author's 'Royalty Cheques'?

Warner Bros. Discovery Announces New Programming

Game of Thrones 1200 x 630
Warner Bros. Television Distribution

WB Discovery's newly announced titles include a Max Original Harry Potter series, a faithful adaptation of the book series by J.K. Rowling, who will serve as executive producer; a Max Original comedy series derived from The Big Bang Theory; an HBO Original "Game of Thrones" prequel A Knight of the Seven Kingdoms: The Hedge Knight; a Max Original drama series based on The Conjuringlms; Magnolia Network's Fixer Upper: The Hotel; Discovery Channel's Survive the Raft; Max Original Peter & the Wolf from Bono, Adult Swim's Rick and Morty: The Anime; Investigation Discovery's Lost Women of Highway 20; Cartoon Network's Tiny Toons Looniversity; and TLC's Love & Translation.