Scripps Networks Interactive stock experienced huge selling pressure an hour ago. The sell off pushed the stock price from $50.50 to almost $47.50 in ten minutes of intraday trading while the volume exceeded 1 million shares during the fall. Meanwhile SNI stock has been trending sideways in the last 6 months with well-established support ($46) and resistance ($54) levels. SNI stock is trading at $48.50 now. Day traders who went short on the Scripps’ stock at the right time should have already taken some profits off the market – at least $1.50 per share to be exact.
In the meantime, stock news about SNI stock include an announcement of $1 billion share repurchase program and rumors that Scripps won’t pursue a sale according to The Wall Street Journal.
Scripps Networks Interactive, Inc. operates as a lifestyle content and Internet search company in the United States and internationally. It involves in the operation of television networks and a collection of Internet businesses. The company’s media portfolio includes lifestyle television and Internet brands, such as HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel, and country music network Great American Country. The company is based in Cincinnati, Ohio.