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News Corp. (
NWSA) is up more than 4% this afternoon following an earnings beat for its third quarter of fiscal 2013 and plans to spin off the firm's publishing arm. News Corp.'s TV unit fared well in the third quarter, buoyed by especially strong performance at cable network Fox News, and shares gapped up before this morning's open as a result. That pushed the $77 billion stock to new 52-week highs.
Making new highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains. As a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses. Traders who aren't too risk-averse may want to consider buying NWSA here.
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