Fox shares fall for a second straight session on Wednesday, company to acquire seven television stations from Sinclair

According to a statement by Twenty-First Century Fox Inc on Wednesday, it intends to acquire seven television stations from Sinclair Broadcast Group Inc in a deal valued at almost $910 million.

Fox shares closed lower for a second consecutive trading session on Wednesday. The stock went down 0.76% ($0.29) to $37.70, after touching an intraday low at $37.57, or a price level not seen since May 4th ($36.42).

In the week ended on May 6th the shares of the media and entertainment company added 3.40% to their market value compared to a week ago, which marked the first gain out of three weeks. It has also been the best performance since the week ended on March 11th.

However, due to the recent string of losses, the stock has pared its advance to 3.12% so far during the current month, following a 0.35% drop in April. The latter has been a third straight month of losses.

For the entire past year, the shares of the NASDAQ-listed media giant gained 23.15%, following another 3.24% surge in 2016.

The acquisitions are expected to provide Fox with access to key US National Football League markets, including Denver and Seattle, Reuters reported.

The deal will also allow Fox Television Stations to reach almost 50% of households in the United States, while boosting the companys market presence to 19 out of the top 20.

According to CNN Money, the 14 analysts, offering 12-month forecasts regarding Twenty-First Century Fox Inc’s stock price, have a median target of $41.50, with a high estimate of $48.00 and a low estimate of $29.50. The median estimate is a 10.08% surge compared to the closing price of $37.70 on May 9th.

The same media also reported that 10 out of 19 surveyed investment analysts had rated Twenty-First Century Fox Inc’s stock as “Hold”, while 7 – as “Buy”.

Daily and Weekly Pivot Levels

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

R1 – $37.77
R2 – $37.84
R3 (Range Resistance – Sell) – $37.91
R4 (Long Breakout) – $38.11
R5 (Breakout Target 1) – $38.35
R6 (Breakout Target 2) – $38.45

S1 – $37.63
S2 – $37.56
S3 (Range Support – Buy) – $37.49
S4 (Short Breakout) – $37.29
S5 (Breakout Target 1) – $37.05
S6 (Breakout Target 2) – $36.95

By using the traditional method of calculation, the weekly levels of importance for Twenty-First Century Fox Inc (FOXA) are presented as follows:

Central Pivot Point – $37.11
R1 – $38.35
R2 – $39.05
R3 – $40.29
R4 – $41.54

S1 – $36.41
S2 – $35.17
S3 – $34.47
S4 – $33.78