Publishing Stock Scaling Nasdaq After Buyout Offering

Tribune also updated its yearly guidance

Deputy Editor
Dec 31, 2020 at 11:16 AM
facebook twitter linkedin


Tribune Publishing Company (NASDAQ:TPCO) is one of the better stocks on the Nasdaq today, up 9.4% at $13.99 at last check. Today's pop --which resulted in a record high of $14 out of the gate -- comes after the company's largest shareholder, Alden Global Capital, offered to buy the company's remaining shares for $14.25 per share. The firm already owns a 32% stake in Tribune, and says it is not interested in selling the shares to another party. Tribune also updated its quarterly and full-year guidance. 

TPCO has been able to etch out a channel of higher highs since its March 19 four-year bottom of $4.91. Along the way, the shares' 80-day moving average contained pullbacks in July and November. Now, the equity has surpassed its year-to-date breakeven point, on track for its sixth day of gains in the last seven. 

Tailwinds certainly won't come from the analyst community. The brokerage bunch is bullish; both of the analysts in coverage sport a "strong buy" rating on Tribune. Plus, the 12-month consensus price target of $16.50 is a 17.9% premium to current levels. 

Meanwhile, though shorts have been jumping ship, there is still plenty of pent-up buying power that could unwind and keep the pushing the equity higher. Short interest makes up 4.4% of TPCO's available float, or over 12 days to cover at the stock's average pace of trading. 

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 

300x250 - Banner 3 - v1