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News Corp. (
NWSA) is seeing hefty trading volume this afternoon after news hit that a judge had approved the firm's $139 million settlement with shareholders over the phone hacking scandal. The arrangement means a payout from the firm's insurers to NWSA's own coffers, a move that rewards shareholders through an equity boost. At the same time, ongoing restructuring news is adding to the buoyancy in News Corp's shares today. As I write, the stock is up more than 2%.
In the near-term, News Corp. is breaking out today, rallying above the $32.50 level in a rounding bottom pattern. It's a short-term pattern, so it's likely to hit its head on resistance at $33.50 in the more intermediate term, but for investors looking for an entry, this is a good one. NWSA's uptrend this year remains intact, and the technicals look attractive at this point.
If you decide to buy, keep a protective stop in place.
To see these stocks in action, check out the at
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-- Written by Jonas Elmerraji in Baltimore.
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