For months, Paramount Global (PARA) moved sharply up and down in response to bidders. Traders have a chance to accumulate the stock after it dipped. Yesterday, reports surfaced which indicated that Sony (SONY) would re-consider its bid. Sony and Apollo (APO) did not sign a nondisclosure agreement in which it would conduct due diligence next.
The renewed meme trading on AMC Entertainment (AMC) and GameStop (GME) also failed to lift the stock. The last time this happened, investor Bill Hwang took an unsustainable leveraged bet by buying PARA stock. The stock soared to $100.00 only to suddenly collapse.
Watch Bunge (BG) today, after the stock pulled back from a $110 double-top pattern. Last month, the agribusiness, food, and ingredients supplier posted first-quarter non-GAAP EPS of $3.04. Revenue fell by 12.5% Y/Y to $13.42 billion. At a full-year EPS of up to $9.00, BG stock trades at an 11.5 times price-to-earnings ratio.
FedEx (FDX) shares potentially peaked at over $290. The stock is trending lower but its DRIVE initiative and Network 2.0 plans are positive pivots for the business. The initiative will strengthen its service center network.
Investors who want a better-value stock may consider UPS instead. The stock is trading in a $140 - $160 range. Shares also pay a dividend that yields 4.41%.
