Developers Diversified Realty (DDR) NewsBite - DDR Prices Stock Offering
Posted: Tuesday, February 09, 2010 10:47 AM EDT
By: Market Intelligence Center Staff
Developers Diversified Realty (NYSE: DDR) opened at $8.99. So far today, the stock has hit a low of $8.86 and a high of $9.14. DDR is now trading at $8.90, up $0.57 (6.84%). Over the last 52 weeks the stock has ranged from a low of $1.38 to a high of $10.66. DDR announced this morning it priced an offering of over 37 million common shares at $8.16 each, a 2 percent discount on its Monday closing price of $8.33. Shares of the stock are rising this morning despite the offering, possibly because the company said it will use proceeds from the offering to repay debt and cut balances on its revolving credit facilities. Technical indicators for the stock are neutral and S&P gives DDR a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on DDR the stock seems like it could be a candidate for an April out-of-the-money bull-put credit spread below the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]
CLICK HERE: FREE Developers Diversified Realty (DDR) Stock ReportSee what our analysts have uncovered about Developers Diversified Realty (DDR).