Paramount Global drops 5% after CNBC report

Paramount Global (PARA.US) is dropping 5% today and is one of the worst performing stocks in Russell 1000, the index of 1000 largest public US companies. Drop comes following news from CNBC reported David Faber. Faber reported that Paramount is not interested in selling its studio business separately as it sees it as being too tied with other aspects of company's business. This most likely comes as a response to Wall Street Journal report published on Tuesday. WSJ said that private equity firm Apollo Management has offered $11 billion for Paramount's TV and studio business.

Taking a look at Paramount Global chart (PARA.US) at D1 interval, we can see that the stock jumped to the highest level since mid-February yesterday, driven by post-FOMC euphoria. However, advance was halted in the $12.50 resistance zone, marked with 50-session moving average (green line). Stock is pulling back from this area today. The $11.00 area is a key support to watch as a break below would mean painting a lower low and snapping a short-term uptrend sequence.

Source: xStation5

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