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Time Warner shares fall the most in 24 weeks on Thursday, quarterly revenue tops estimates due to Turner growth

Time Warner Incs (TWX) first-quarter revenue, reported on Thursday, topped market expectations, as the airing of the last four games of the NCAA Men’s Basketball Tournament on Turner supported advertising growth.

Time Warner shares closed lower for the fifth time in the past eleven trading sessions on Thursday. It has also been the steepest daily loss since November 8th 2017. The stock went down 2.71% ($2.61) to $93.67, after touching an intraday low at $93.45, or a price level not seen since March 26th ($93.26).

In the week ended on April 22nd the shares of the multinational entertainment company lost 0.46% of their market value compared to a week ago, which marked the first drop out of four weeks.

Due to yesterdays retreat, the stock has neutralized earlier advance and is now down 0.96% so far during the current month, following a 1.74% surge in March.

For the entire past year, Time Warner shares fell 5.24% following a 49.27% gain in 2016.

Time Warners total revenue went up 3% year-on-year to $8 billion during the quarter ended on March 31st.

Revenue from Turner went up 10% to $3.34 billion during the first quarter, which outstripped the median analyst estimate ($3.29 billion).

Revenue from Warner Bros, on the other hand, shrank 4% to $3.2 billion, mostly because of a weaker performance in its television and theatrical businesses.

Meanwhile, Time Warners net income attributable to the company was reported to have surged to $1.64 billion ($2.07 per share) during the latest quarter from $1.42 billion ($1.80 per share) in the year-ago three-month period.

According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Time Warner’s stock price, have a median target of $107.25, with a high estimate of $114.00 and a low estimate of $90.00. The median estimate is a 14.50% surge compared to the closing price of $93.67 on April 26th.

The same media also reported that 19 out of 25 surveyed investment analysts had rated Time Warner’s stock as “Hold”, while 6 – as “Buy”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Time Warner stock are presented as follows:

R1 – $93.81
R2 – $93.96
R3 (Range Resistance – Sell) – $94.10
R4 (Long Breakout) – $94.53
R5 (Breakout Target 1) – $95.03
R6 (Breakout Target 2) – $95.23

S1 – $93.53
S2 – $93.38
S3 (Range Support – Buy) – $93.24
S4 (Short Breakout) – $92.81
S5 (Breakout Target 1) – $92.31
S6 (Breakout Target 2) – $92.11

By using the traditional method of calculation, the weekly levels of importance for Time Warner Inc (TWX) are presented as follows:

Central Pivot Point – $96.48
R1 – $97.51
R2 – $98.79
R3 – $99.82
R4 – $100.86

S1 – $95.20
S2 – $94.17
S3 – $92.89
S4 – $91.62

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