Hershey shares close higher on Tuesday, company’s global workforce to be reduced by 15%

According to a February 28th statement by Hershey Company (HSY), its global workforce is expected to be reduced by 15% as a result of a restructuring program. As of December 31st 2016, 16 300 persons worldwide were in full-time employment with Hershey, while 1 680 persons were in part-time employment.

Hershey shares closed higher on Tuesday, while marking their fourth gain in the past six trading sessions. The stock went up 0.51% ($0.55) to $108.35, after touching an intraday high at $109.09, or a level not seen since February 23rd ($109.31). In the week ended on February 26th the shares of the chocolate and non-chocolate confectionery maker added 1.54% to their market value compared to a week ago, which marked the best performance since the week ended on December 25th. The stock surged 2.73% in February to mark a third consecutive month of gains. In January it rose 1.97%. For the entire past year, Hershey shares added 15.86% to their value.

The decision would incur pre-tax charges at an amount between $375 million and $425 million, the chocolate producer said on Tuesday. At the same time, the company projected to save between $150 million and $175 million by the end of 2019.

The producer of Hersheys Kisses and Reeses Peanut Butter Cups revised down its full-year 2017 profit forecast to a range between $3.19 and $3.45 per share from a range between $4.54 and $4.65 per share, as expected earlier.

Michele Buck, Hersheys new Chief Executive Officer, is expected to provide guidance on the companys plans at an investor conference in New York on March 1st.

Daily and Weekly Pivot Levels

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

R1 – $108.44
R2 – $108.53
R3 (Range Resistance – Sell) – $108.62
R4 (Long Breakout) – $108.88
R5 (Breakout Target 1) – $109.20
R6 (Breakout Target 2) – $109.32

S1 – $108.26
S2 – $108.17
S3 (Range Support – Buy) – $108.08
S4 (Short Breakout) – $107.82
S5 (Breakout Target 1) – $107.50
S6 (Breakout Target 2) – $107.38

By using the traditional method of calculation, the weekly levels of importance for Hershey Company (HSY) are presented as follows:

Central Pivot Point – $108.44
R1 – $109.77
R2 – $110.63
R3 – $111.96
R4 – $113.28

S1 – $107.58
S2 – $106.25
S3 – $105.39
S4 – $104.52