A multi-year deal has reportedly been signed between Facebook Inc (FB) and Universal Music Group, which is to allow users globally to access Universal’s music catalogs, to upload videos containing licensed music as well as to personalize their music experiences on the social media network, Instagram and Oculus.
Facebook shares closed lower for a third consecutive trading session on Thursday. The stock edged down 0.25% ($0.44) to $177.45, after touching an intraday low at $177.05, or a price level not seen since December 12th ($176.60).
In the week ended on December 17th the shares of the social media company added 0.66% to their market value compared to a week ago, which marked a second consecutive period of gains.
However, due to the recent string of losses, the stock has pared its advance to 0.15% so far during the current month, following a 1.60% slump in November. The latter has been the third drop out of eleven months and also the largest one since December 2016.
For the entire past year, the shares of the NASDAQ-listed company rose 9.93%. The stock has gained another 54.24% so far in 2017.
According to Universal Music Group, the multi-year deal is to be expanded at a later stage to include Facebook Messenger as well.
“Together, Facebook and UMG are creating a dynamic new model for collaboration between music companies and social platforms to advance the interests of recording artists and songwriters”, Michael Nash, executive vice president of digital strategy for Universal Music Group, was quoted as saying by Reuters.
“This partnership is an important first step demonstrating that innovation and fair compensation for music creators are mutually reinforcing – they thrive together”, he added.
The announcement came days after a report by Bloomberg, which revealed Alphabet Inc’s YouTube had inked a new long-term deal with Universal Music Group and Sony Music Entertainment.
According to CNN Money, the 43 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $211.00, with a high estimate of $240.00 and a low estimate of $131.00. The median estimate is an 18.91% surge compared to the closing price of $177.45 on December 21st.
The same media also reported that 39 out of 46 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 2 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Facebook stock are presented as follows:
R1 – $177.60
R2 – $177.75
R3 (Range Resistance – Sell) – $177.90
R4 (Long Breakout) – $178.34
R5 (Breakout Target 1) – $178.86
R6 (Breakout Target 2) – $179.07
S1 – $177.30
S2 – $177.15
S3 (Range Support – Buy) – $177.00
S4 (Short Breakout) – $176.56
S5 (Breakout Target 1) – $176.04
S6 (Breakout Target 2) – $175.83
By using the traditional method of calculation, the weekly levels of importance for Facebook Inc (FB) are presented as follows:
Central Pivot Point – $179.09
R1 – $181.58
R2 – $182.98
R3 – $185.47
R4 – $187.96
S1 – $177.69
S2 – $175.20
S3 – $173.80
S4 – $172.40