We’re adding Fox Corporation (FOX) to our “playbook” entries to keep track of “the reasons” the stock outperformed the general market during the market consolidation at the end of February 2021. We’ll follow further developments in the stock and the media group stocks as well. Additional stocks that fit these criteria will be added to the playbook for easy reference.
Fox Media
Fox Corporation (FOX) shares rallied 16.6% over the last 3 trading days to close at $37.09 (+28.43% YTD). This move can be attributable to an earnings percent change of 60% over the previous quarter February 9. Weekly price performance was on above average volume of 3 million shares on both Tuesday and Wednesday. Average volume of 1.7 million shares per day. This compares to the stock’s 6.8% gain over the past four weeks.
Fox extended its rally for the third straight day driven by optimism over increasing viewership and improving advertising demand on stronger linear and digital results at FOX News Media.
Next EPS date 05/06/2021. Fox Corp (FOX) reported December Q/Q 2020 earnings of $0.16 per share on revenue of $4.1 billion.. Revenue grew 8.2% on a year-over-year basis. – Earningswhisper
Twenty-First Century Fox Inc
Observations
In addition to stats O’Niel looks at, we have criteria for longs. With the markets showing weakness, it is remarkable that media stocks aer fighting the trend.
Observations
- IBD50 List Week 2
- Relative strength – markets weak
- RSI remains above 50
- Price above 9/21d moving average
- Price above VBP resistance
- MACD is above signal line
- Stochastic rising from oversold
- ATR rising with price
- Earnings beat 3 weeks prior
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Happy Trading,
Vinny
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