Paramount Skydance Corporation (NASDAQ: PSKY) stock rose about 2% Tuesday after the company extended the expiration dates of previously announced exchange and tender offers.
The move followed the settlement of an antitrust lawsuit that had delayed the company's acquisition of Warner Bros. Discovery, Inc. (NASDAQ: WBD), according to market data.
The company moved closer to completing its $110 billion acquisition after settling antitrust lawsuits with a coalition of 12 U.S. states and the Writers Guild of America.
The stock also received fresh support from Wall Street analysts Tuesday.
Analysts Back Paramount Skydance
Morgan Stanley analyst Benjamin Swinburne maintained an Overweight rating and raised his price forecast to $11.50 from $10. Citizens analyst Matthew Condon reiterated a Market Outperform rating and maintained a $14 price forecast.
Paramount Skydance has a Hold consensus rating and an average price forecast of $10.56.
Technical Analysis
PSKY is attempting to recover after falling 45.81% over the past 12 months.
The stock is trading above its 50-day simple moving average of $9.72 and its 100-day average of $9.99. However, it remains about 6% below its 200-day average of $10.73.
That suggests the intermediate trend is improving, while the longer-term trend remains under pressure.
Momentum is also mixed. The MACD remains below its signal line, while the histogram is negative. That can signal fading upside momentum.
Traders are watching $11 as a potential resistance level and $9.50 as near-term support.
MarketDash Edge Rankings
The MarketDash Edge scorecard gives Paramount Skydance a weak Momentum score of 12.42.
The reading reflects the stock's weaker longer-term trend and its position below the 200-day moving average.
ETF Exposure
The Invesco S&P 500 Equal Weight Communication Services ETF (NYSE: RSPC) has a 4.72% weighting in Paramount Skydance.
ETF inflows and outflows can therefore contribute to buying or selling pressure in the stock.
PSKY Price Action
PSKY Stock Price Activity: Paramount Skydance shares were up 2.93% at $10.20 at the time of publication Tuesday, according to market data.
