Verizon shares close lower on Friday, Tim Armstrong, head of media and advertising, to part ways with the company

According to a report by the Wall Street Journal on Friday, citing sources with knowledge of the matter, Tim Armstrong, the current head of media and advertising at Verizon Communications Inc (VZ), is considering to part ways with the US company.

Verizon shares closed lower for the fifth time in the past eleven trading sessions in New York on Friday. The stock went down 0.53% ($0.29) to $54.00, with the intraday high and the intraday low being at $54.39 and $53.88 respectively.

Shares of Verizon Communications Inc have risen 2.02% so far in 2018 compared with a 7.41% gain for the underlying index, S&P 500 (SPX).

In 2017, Verizon’s stock went down 0.84%, thus, it again underperformed the S&P 500, which registered a 19.42% return.

Between 2009 and 2015, Tim Armstrong served as Chief Executive Officer of on-line service provider AOL.

In 2015, Verizon acquired AOL in a deal valued at $4.4 billion, while in 2017 it merged the company with Yahoos core business and, thus, established a venture under the name of Oath.

Headed by Armstrong, Oath already owns over 50 brands, with TechCrunch, HuffPost and Tumblr being among them.

Verizon has previously said that its objective for Oath is to generate revenue of as much as $20 billion by the year 2020.

According to CNN Money, the 26 analysts, offering 12-month forecasts regarding Verizon Communications Inc’s stock price, have a median target of $56.00, with a high estimate of $65.00 and a low estimate of $45.00. The median estimate represents a 3.70% upside compared to the closing price of $54.00 on September 7th.

The same media also reported that 16 out of 31 surveyed investment analysts had rated Verizon Communications Inc’s stock as “Buy”, while 15 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, Monday’s levels of importance for the Verizon stock are presented as follows:

R1 – $54.05
R2 – $54.09
R3 (Range Resistance – Sell) – $54.14
R4 (Long Breakout) – $54.28
R5 (Breakout Target 1) – $54.44
R6 (Breakout Target 2) – $54.51

S1 – $53.95
S2 – $53.91
S3 (Range Support – Buy) – $53.86
S4 (Short Breakout) – $53.72
S5 (Breakout Target 1) – $53.56
S6 (Breakout Target 2) – $53.49

By using the traditional method of calculation, the weekly levels of importance for Verizon Communications Inc (VZ) are presented as follows:

Central Pivot Point – $53.77
R1 – $54.70
R2 – $55.40
R3 – $56.33
R4 – $57.26

S1 – $53.07
S2 – $52.14
S3 – $51.44
S4 – $50.74