PetSmart (PETM) Could Be On The Move Today
Posted: Friday, March 19, 2010 9:08 AM EDT
PetSmart (NASDAQ: PETM) closed yesterday at $31.59. So far the stock has hit a 52-week low of $19.50 and 52-week high of $31.81. PetSmart stock has been showing support around 31.20 and resistance in the 32.00 range. Technical indicators for the stock are Bullish and S&P gives PETM a neutral 3 STAR (out of 5) hold rating. PETM appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Jul '10 30 covered call for a net debit in the $28.94 area. That is also the break even stock price for this trade. This covered call has a 120 day duration, provides 8.39% downside protection and a 3.66% assigned return rate for an 11.14% annualized return rate (comparison purposes only). PetSmart has a current annual dividend yield of 1.27%. [FBB-Seven Summits Research]
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