MDC Partners Stock Dives 60% in One Day After Q3 Losses

Wells Fargo and others downgrade the holding company

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The stock value of holding company MDC Partners, which owns Anomaly, 72andSunny, CP+B and other agencies, dropped precipitously before the New York Stock exchange's opening bell on Friday after the company failed to meet revenue goals for the third quarter of 2016.

The stock value is down more than 60 percent over the past 24 hours from $8.40 per share at the NYSE's close on Thursday to less than $3 at 11 a.m. this morning. Wells Fargo analysts downgraded the stock's rating from "outperform" to "market perform" in a note issued to investors on Friday.

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