Twitter Lower Pre-Market
Shares inUS social media giant Twitter are trading lower ahead of the open today. The company’sstock has been muted on the back of a set of weaker0than-expectde second quarterearnings last week. Twitter reported earnings per share of -$0.35, in stark contrastto the $0.15 EPS the market was looking for. Additionally, revenues were seenlower than expected at $1.17 billion versus Wall Street estimates of $1.3billion.
Twittercited the costs related with Elon Musk’s failed takeover bid as part of the reasonfor the drop in revenues, linking around $33 million to the ongoing situation.Following his $44 billion bid, which was approved by Twitter’s board, Musk thentried to back out of the deal over concerns with the number of fake accounts onTwitter’s books, which Musk claims Twitter under-reported. Twitter is now suingMusk with a 5-day trial set to being in October.
TechnicalViews
Shares inTwitter are currently up off the year’s lows, sitting back atop the 38.73 levelfor now. While both MACD and RSI are positive, momentum has stalled and themarket is vulnerable to a further push lower while the 44.03 level, and localbearish trend line hold overhead. Above there, 48.68 and the bear channel topwill be the next resistance area to monitor.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.