Traders are taking advantage of the price volatility in streaming media stocks. After Paramount (PARA) continues to negotiate a buyout with Sony (SONY), Warner Bros. Discovery (WBD) offers a good trade ahead.
WBD stock is cycling in the $8.00 range. The firm recently offered a bundling package that moves across the full program offering. The firm has two initiatives that enhance the customer experience. First is its sports venture. The second is content having Disney and Fox.
Retailer Best Buy (BBY) gained 13.4% on Thursday after posting strong earnings and revenue. It declared a $0.94 a share dividend, which yields 5.23%.
Software firm ServiceNow (NOW) lost 12% yesterday, primarily in sympathy to the selloff in Salesforce (CRM) stock. NOW stock has upside potential. It has a total addressable market of $275 billion. Investors may want to take advantage of the weak stock to start a position at lower prices.
In the food sector, Hormel Foods (HRL) shares risk falling below $30 today. It lost 9.7% yesterday. Profits in its retail segment fell by 14%. Compared to last year, EPS fell by 2 cents to $0.38. When its business bounces back later this year, markets should reward value investors who pick up shares today.
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