Cheesecake Factory (CAKE) NewsBite - Goldman Calls CAKE a Conviction Buy

Posted: Wednesday, November 18, 2009 10:01 AM EDT

Cheesecake Factory (NasdaqNM: CAKE) opened at $19.62. So far today, the stock has hit a low of $19.55 and a high of $19.89. CAKE is now trading at $19.88, up $0.95 (5.02%). Over the last 52 weeks the stock has ranged from a low of $4.96 to a high of $21.01. CAKE shares are on the move after analysts at Goldman Sachs added the stock to the brokerage's Conviction Buy List. Technical indicators for the stock are bearish and S&P gives CAKE a negative 1 STARS (out of 5) strong sell ranking. If you are looking for a hedged play on CAKE the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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