Manulife Financial (MFC) NewsBite - Shares Offering Pulls Down MFC

Posted: Thursday, November 19, 2009 11:13 AM EDT

Manulife Financial (NYSE: MFC) opened at $17.60. So far today, the stock has hit a low of $17.34 and a high of $17.61. MFC is now trading at $17.51, down $1.51 (-7.94%). Over the last 52 weeks the stock has ranged from a low of $6.94 to a high of $24.97. MFC shares are on the move after the company announced an offering of common stock worth about $2.5 billion Canadian, expected to close on or about November 30. Technical indicators for the stock are neutral and S&P gives MFC a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on MFC the stock seems like it could be a candidate for a March out-of-the-money bear-call credit spread above the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

Click Symbol For More News On: (MFC)