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Strength Seen in PARAMOUNT GLBL (PARA): Can Its 11.8% Jump Turn into More Strength?
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Paramount Global-B (PARA - Free Report) shares rallied 11.8% in the last trading session to close at $12.51. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 6.4% loss over the past four weeks.
The upswing in share price came after Apollo Global Management, a major private-equity firm, reportedly submitted an $11 billion bid to acquire Paramount Pictures and the Paramount TV studios group. Apollo’s reported offer for Paramount’s studio operations is greater than the market capitalization of Paramount Global in its entirety ($7.3 billion as of March 19).
This company is expected to post quarterly earnings of $0.31 per share in its upcoming report, which represents a year-over-year change of +244.4%. Revenues are expected to be $7.8 billion, up 7.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For PARAMOUNT GLBL, the consensus EPS estimate for the quarter has been revised 17.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PARA going forward to see if this recent jump can turn into more strength down the road.
PARAMOUNT GLBL is part of the Zacks Media Conglomerates industry. Sphere Entertainment (SPHR - Free Report) , another stock in the same industry, closed the last trading session 0.6% lower at $46.81. SPHR has returned 14.8% in the past month.
Sphere Entertainment's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.35. Compared to the company's year-ago EPS, this represents a change of +67.6%. Sphere Entertainment currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in PARAMOUNT GLBL (PARA): Can Its 11.8% Jump Turn into More Strength?
Paramount Global-B (PARA - Free Report) shares rallied 11.8% in the last trading session to close at $12.51. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 6.4% loss over the past four weeks.
The upswing in share price came after Apollo Global Management, a major private-equity firm, reportedly submitted an $11 billion bid to acquire Paramount Pictures and the Paramount TV studios group. Apollo’s reported offer for Paramount’s studio operations is greater than the market capitalization of Paramount Global in its entirety ($7.3 billion as of March 19).
This company is expected to post quarterly earnings of $0.31 per share in its upcoming report, which represents a year-over-year change of +244.4%. Revenues are expected to be $7.8 billion, up 7.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For PARAMOUNT GLBL, the consensus EPS estimate for the quarter has been revised 17.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PARA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
PARAMOUNT GLBL is part of the Zacks Media Conglomerates industry. Sphere Entertainment (SPHR - Free Report) , another stock in the same industry, closed the last trading session 0.6% lower at $46.81. SPHR has returned 14.8% in the past month.
Sphere Entertainment's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.35. Compared to the company's year-ago EPS, this represents a change of +67.6%. Sphere Entertainment currently boasts a Zacks Rank of #3 (Hold).