According to a May 31st memo to personnel, New York Times Company (NYT) offered buyouts to a contingent of its newsroom employees in an attempt to streamline editing and production systems.
Shares of New York Times Company remained flat at the close of the trading session on Wednesday. The stock closed at $17.60, after touching an intraday high at $17.70, or a price level not seen since May 23rd 2008 ($17.94). In the week ended on May 28th the shares of the media company lost 0.58% of their market value compared to a week ago, which marked the first drop in the past four weeks. However, the stock has surged 21.80% in May, or the most in more than four years, following a 0.35% gain in April. For the entire past year, the shares of New York Times Company retreated 0.89%.
According to the media company, workforce cuts could incur a charge of between $17 million and $23 million.
“If we do not get enough takers to fund our ambitious plans to reduce the editing staff and hire more reporters, we will unfortunately have to turn to layoffs”, the newspaper publisher said in the memo, cited by Reuters.
New York Times also said that the position of public editor was to be eliminated, with Liz Spayd, the person currently occupying the post, being set to part ways with the company on June 2nd.
According to CNN Money, the 3 analysts, offering 12-month forecasts regarding New York Times’ stock price, have a median target of $15.00, with a high estimate of $17.00 and a low estimate of $15.00. The median estimate is a 14.77% drop compared to the closing price of $17.60 on May 31st.
The same media also reported that all 5 surveyed investment analysts had rated New York Times’ stock as “Hold”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the New York Times stock are presented as follows:
R1 – $17.64
R2 – $17.67
R3 (Range Resistance – Sell) – $17.71
R4 (Long Breakout) – $17.82
R5 (Breakout Target 1) – $17.95
R6 (Breakout Target 2) – $18.01
S1 – $17.56
S2 – $17.53
S3 (Range Support – Buy) – $17.49
S4 (Short Breakout) – $17.38
S5 (Breakout Target 1) – $17.25
S6 (Breakout Target 2) – $17.19
By using the traditional method of calculation, the weekly levels of importance for New York Times Company (NYT) are presented as follows:
Central Pivot Point – $17.30
R1 – $17.45
R2 – $17.65
R3 – $17.80
R4 – $17.95
S1 – $17.10
S2 – $16.95
S3 – $16.75
S4 – $16.55
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