Paramount Global (PARA.US) is dropping 5% today and is one of the worst performing stocks in Russell 1000, the index of 1000 largest public US companies. Drop comes following news from CNBC reported David Faber. Faber reported that Paramount is not interested in selling its studio business separately as it sees it as being too tied with other aspects of company's business. This most likely comes as a response to Wall Street Journal report published on Tuesday. WSJ said that private equity firm Apollo Management has offered $11 billion for Paramount's TV and studio business.
Taking a look at Paramount Global chart (PARA.US) at D1 interval, we can see that the stock jumped to the highest level since mid-February yesterday, driven by post-FOMC euphoria. However, advance was halted in the $12.50 resistance zone, marked with 50-session moving average (green line). Stock is pulling back from this area today. The $11.00 area is a key support to watch as a break below would mean painting a lower low and snapping a short-term uptrend sequence.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
