Paramount Global
Shares of Paramount Global (PARA) rose by 12% on Friday after reports emerged that production company Skydance and investment group RedBird Capital are considering an acquisition deal for the Hollywood giant. The deal may work by enabling private equity firm Skydance to gain control over the cinema operating company National Amusements, which owns a 77% stake in Paramount Global, according to entertainment industry news site Deadline. Paramount’s key shareholder Shari Redstone is opening the door for a sale or merger of the company amid declining TV advertising revenues and streaming losses.
After an initial breakout and a test of a long-term downtrend line, PARA shares regained momentum on Friday, closing above the closely watched 200-day moving average, with the highest trading volume since early May. Key areas on the chart to watch include the initial breakout level at $15 and a major horizontal resistance line at $23.50 that connects a range of price action over the past 18 months.
DocuSign, Inc.
DocuSign (DOCU), the electronic signature and digital transaction company, saw its shares rise by as much as 8% on Friday before settling at a 4.8% increase after posting third-quarter results that beat Wall Street’s earnings and sales forecasts. During the period, net income climbed to a profit of $38.8 million from a loss of $29.9 million in the previous year’s quarter due to improved operational efficiency and product scaling. Furthermore, the company said it now expects fourth-quarter sales to reach between $696 million and $700 million, exceeding analysts’ expectations of $694 million.
DocuSign shares have remained on a steady upward trend since finding support from the lower trend line of the descending triangle pattern – a chart formation typically interpreted by investors as a bullish signal. The end of Friday saw DOCU’s share price break above the upper line of the triangle pattern but close near the 200-day moving average on the highest trading volume since early June. Continued upward momentum could lead to a test of major resistance around $67.
Boeing Company
Boeing (BA) shares rose by 3.1% on Friday after Chinese air traffic control officials told a senior Boeing executive in Beijing that the aerospace giant is welcome to deepen its development in the world’s second-largest aviation market. This development comes less than a month after Bloomberg reported that China is considering resuming orders for the best-selling Boeing 737 MAX after halting deliveries in 2019 following crashes that resulted in 346 deaths. Earlier this year, the plane manufacturer stated that about 90% of the MAX aircraft delivered to China have resumed commercial operations.
Boeing shares traded sideways during the first seven months of 2023 before dipping below the 200-day moving average, experiencing a rapid V-shaped recovery in recent months. Currently, BA’s share price is at a major resistance level near a horizontal trend line dating back to early December 2020. Investors should monitor how the price reacts in this area on the chart to gauge potential future movements of the stock.
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