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New York Times(NYT - Get Report) is a global, multimedia news and information company that includes newspapers, digital businesses, investments in paper mills and other investments. This stock is trading up 11.3% at $7.85 in recent trading.
Today's Range: $7.20-$7.97
52-Week Range: $5.50-$8.92
Volume: 1 million
Three-Month Average Volume: 1.1 million
Shares of NYT are soaring today after the company reported better-than-expected second quarter results. The company reported an adjusted profit of 14 cents per share on revenue of $515.2 million, versus Wall Street estimates of 13 cents on $511 million in revenue.
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technical perspective, NYT is making a powerful bounce right off its 50-day at $6.98 and its 200-day at $7.06 with solid volume. This move is quickly pushing NYT within range of triggering a major breakout trade. That trade will hit once NYT takes out some overhead resistance levels at $8 to $8.46 with high volume.
Traders should now look for long-biased trades in NYT as long as it's trending above some near-term resistance at $7.70, and then once it clears both of those moving averages with high volume. Look for volume off that move that hits near or above its three-month average volume of 1.1 million shares. If we get that action, then look for NYT to challenge its next major
overhead resistance levels at $9.73 to $10.00, or possibly even $11.00.