According to an internal memo to employees, Time Inc (TIME) intends to reduce its workforce by 300 positions (4%) via layoffs and buyouts.
Time Incs shares closed higher for a seventh consecutive trading session on Tuesday. The stock edged up 0.36% ($0.05) to $13.95, after touching an intraday high at $14.10, or a price level not seen since May 9th ($15.18). In the week ended on June 11th the shares of the magazine publisher added 8.20% to their market value compared to a week ago, which marked a third consecutive period of gains and also the best performance since the week ended on December 11th 2016. The stock has extended its advance to 11.60% so far during the current month, following a 17.76% slump in May. The latter has been a second month of losses in a row. For the entire past year, Time Incs shares gained 13.91%.
By slashing its workforce, the New York-headquartered company, which publishes magazines such as Time, Fortune and Sports Illustrated, was seeking to reduce costs and focus on areas of growth, the memo revealed.
In April, a preliminary offer for the acquisition of Time Inc was made by Meredith Corp. However, the bid did not meet price expectations, which in the end led to no agreement.
According to CNN Money, the 5 analysts, offering 12-month forecasts regarding Time Inc’s stock price, have a median target of $15.00, with a high estimate of $18.00 and a low estimate of $13.00. The median estimate is a 7.53% surge compared to the closing price of $13.95 on June 13th.
The same media also reported that 3 out of 6 surveyed investment analysts had rated Time Inc’s stock as “Hold”, while the other 3 – as “Buy”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Time Incs stock are presented as follows:
R1 – $13.97
R2 – $14.00
R3 (Range Resistance – Sell) – $14.02
R4 (Long Breakout) – $14.09
R5 (Breakout Target 1) – $14.17
R6 (Breakout Target 2) – $14.20
S1 – $13.93
S2 – $13.90
S3 (Range Support – Buy) – $13.88
S4 (Short Breakout) – $13.81
S5 (Breakout Target 1) – $13.73
S6 (Breakout Target 2) – $13.70
By using the traditional method of calculation, the weekly levels of importance for Time Inc (TIME) are presented as follows:
Central Pivot Point – $13.53
R1 – $14.32
R2 – $14.78
R3 – $15.57
R4 – $16.35
S1 – $13.07
S2 – $12.28
S3 – $11.82
S4 – $11.35
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