Kraft Foods (KFT) NewsBite - KFT Sells Pizza Business and Ups Cadbury (CBY) Offer
Posted: Tuesday, January 05, 2010 9:57 AM EDT
By: Market Intelligence Center Staff
Kraft Foods (NYSE: KFT) opened at $28.32. So far today, the stock has hit a low of $28.08 and a high of $28.45. KFT is now trading at $28.30, up $0.87 (3.17%). Over the last 52 weeks the stock has ranged from a low of $20.81 to a high of $29.84. KFT shares are on the move after the company announced it agreed to sell its North American pizza business to Nestle for $3.7 billion in order to sweeten its buyout offer for Cadbury (CBY). However, the deal could still be blocked by Berkshire Hathaway, KFT's largest shareholder. Technical indicators for the stock are bearish and S&P gives KFT a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on KFT the stock seems like it could be a candidate for a March out-of-the-money bull-put credit spread below the 26 range. [ABR-Seven Summits Strategic Investments NewsBite]
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