Packaging Corp (PKG) Trading In Tight Support/Resistance Range
Posted: Tuesday, February 09, 2010 8:07 AM EDT
By: Market Intelligence Center Staff
Packaging Corp (NYSE: PKG) closed yesterday at $21.37. So far the stock has hit a 52-week low of $9.66 and 52-week high of $25.09. Packaging Corp stock has been showing support around 20.80 and resistance in the 22.10 range. Technical indicators for the stock are Bearish and S&P gives PKG a positive 4 STAR (out of 5) buy rating. PKG appears on the Investors Observer Volume Leaders list. For a hedged play on this stock, look at a Jul '10 20 covered call for a net debit in the $18.97 area. That is also the break even stock price for this trade. This covered call has a 158 day duration, provides 11.23% downside protection and a 5.43% assigned return rate for a 12.54% annualized return rate (comparison purposes only). Packaging Corp has a current annual dividend yield of 2.87%. [ATU-Seven Summits Research]
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