Elan Corp (ELN) NewsBite - ELN Rises on Q3 Earnings

Posted: Wednesday, October 21, 2009 10:53 AM EDT

Elan Corp (NYSE: ELN) opened at $6.68. So far today, the stock has hit a low of $6.55 and a high of $6.77. ELN is now trading at $6.65, up $0.19 (2.94%). Over the last 52 weeks the stock has ranged from a low of $4.85 to a high of $10.11. ELN reported earnings this morning, posting a third-quarter profit of $52.3 million or 11 cents per share, on revenue of $287.0 million. Analysts had forecast a loss of 13 cents per share on revenue of $285.18 million. Technical indicators for the stock are neutral and S&P gives ELN a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ELN the stock seems like it could be a candidate for an April out-of-the-money bull-put credit spread below the 5 range. [ABR-Seven Summits Strategic Investments NewsBite]

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