According to a report by Reuters on Friday, citing sources with knowledge of the matter, Comcast Corporation (CMCSA) is poised to receive unconditional approval from EU antitrust regulators for its offer to acquire pay-TV company Sky.
Comcast shares closed higher for the fourth time in the past nine trading sessions on NASDAQ on Friday. The stock edged up 0.25% ($0.08) to $32.08, with the intraday high and the intraday low being at $32.19 and $31.84 respectively.
Shares of Comcast Corp have retreated 19.90% so far in 2018 compared with a 3.94% gain for the underlying index, S&P 500 (SPX).
In 2017, Comcast’s stock surged 16.02%, thus, it again underperformed the S&P 500, which registered a 19.42% return.
The European Commission is due to decide on the US cable company’s offer by June 15th.
The Commission had already cleared without conditions Twenty-First Century Fox’s bid for Sky in April 2017.
The approval of Foxs bid to acquire Sky entirely has been delayed by antitrust regulators due to concerns over the influence of the media giant resulting from a potential deal.
Twenty-First Century Fox currently holds a 39% stake in Sky.
Last week Fox’s bid to buy the European pay-TV company entirely received the approval of British regulators on condition Foxs TV news business was sold off.
It has already become clear that Rupert Murdoch is willing to sell a number of his TV and film assets to Walt Disney Company in another deal estimated at $52 billion.
According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Comcast Corporation’s stock price, have a median target of $45.00, with a high estimate of $55.00 and a low estimate of $34.00. The median estimate is a 40.27% surge compared to the closing price of $32.08 on June 8th.
The same media also reported that 16 out of 23 surveyed investment analysts had rated Comcast Corporation’s stock as “Buy”, while 5 – as “Hold”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Comcast stock are presented as follows:
R1 – $32.11
R2 – $32.14
R3 (Range Resistance – Sell) – $32.18
R4 (Long Breakout) – $32.27
R5 (Breakout Target 1) – $32.38
R6 (Breakout Target 2) – $32.43
S1 – $32.05
S2 – $32.02
S3 (Range Support – Buy) – $31.98
S4 (Short Breakout) – $31.89
S5 (Breakout Target 1) – $31.78
S6 (Breakout Target 2) – $31.73
By using the traditional method of calculation, the weekly levels of importance for Comcast Corporation (CMCSA) are presented as follows:
Central Pivot Point – $31.90
R1 – $32.84
R2 – $33.60
R3 – $34.54
R4 – $35.48
S1 – $31.14
S2 – $30.20
S3 – $29.44
S4 – $28.68
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