Warner Bros. Discovery (WBD) closed the most recent trading day at $12.22, moving -1.13% from the previous trading session. This change lagged the S&P 500's 0.2% loss on the day. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.12%.Heading into today, shares of the operator of cable TV channels such as TLC and Animal Planet had lost 2.14% over the past month, outpacing the Consumer Discretionary sector's loss of 6.57% and the S&P 500's loss of 3.29% in that time.Investors will be hoping for strength from Warner Bros. Discovery as it approaches its next earnings release. In that report, analysts expect Warner Bros. Discovery to post earnings of $0.04 per share. This would mark a year-over-year decline of 90.48%. Meanwhile, our latest consensus estimate is calling for revenue of $10.86 billion, up 244.84% from the prior-year quarter.For the full year, our Zacks Consensus Estimates are projecting earnings of $1.27 per share and revenue of $35.19 billion, which would represent changes of -21.12% and +188.69%, respectively, from the prior year.Investors might also notice recent changes to analyst estimates for Warner Bros. Discovery. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Warner Bros. Discovery is holding a Zacks Rank of #3 (Hold) right now.Valuation is also important, so investors should note that Warner Bros. Discovery has a Forward P/E ratio of 9.77 right now. Its industry sports an average Forward P/E of 8.62, so we one might conclude that Warner Bros. Discovery is trading at a premium comparatively.It is also worth noting that WBD currently has a PEG ratio of 1.21. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Broadcast Radio and Television industry currently had an average PEG ratio of 0.95 as of yesterday's close.The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 234, which puts it in the bottom 8% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow WBD in the coming trading sessions, be sure to utilize Zacks.com. Just Released: Free Report Reveals Little-Known Strategies to Help Profit from the $30 Trillion Metaverse Boom It's undeniable. The metaverse is gaining steam every day. Just follow the money. Google. Microsoft. Adobe. Nike. Facebook even rebranded itself as Meta because Mark Zuckerberg believes the metaverse is the next iteration of the internet. The inevitable result? Many investors will get rich as the metaverse evolves. What do they know that you don't? They’re aware of the companies best poised to grow as the metaverse does. And in a new FREE report, Zacks is revealing those stocks to you. This week, you can download, The Metaverse - What is it? And How to Profit with These 5 Pioneering Stocks. It reveals specific stocks set to skyrocket as this emerging technology develops and expands. Don't miss your chance to access it for free with no obligation.>>Show me how I could profit from the metaverse!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Warner Bros. Discovery, Inc. (WBD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research