VERIZON COMMUNICATIONS TO SELL TUMBLR TO AUTOMATTIC; STOCK RISES
Verizon Communications stock is currently trading at 56.18-higher by 0.88% as compared to its previous closing price. In the pre-market trading session, the stock was trading higher by 0.16%. The stock has continued gaining after the opening bell.
Verizon announced on Monday that it would sell its blogging website Tumblr to WordPress parent Automattic Inc. for a small sum. The wireless carrier did not disclose the terms of the deal. The deal is Automatic’s largest acquisition up to date.
The owner of WordPress will acquire Tumblr along with its staff of about 200, the companies said. The wireless carrier inherited Tumblr as part of its 2017 acquisition of Yahoo. Yahoo acquired Tumblr for more than $1billion in 2013.
On the technical front, the RSI is currently at 49.42% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 56.10 TAKE PROFIT AT 56.55 STOP LOSS AT 55.87