LG Display (LPL) NewsBite - Philips Sells 6.71% Stake in LG Display

Posted on Friday, April 04, 2008 2:10 PM

LG Display Co. Ltd. (LPL) opened at 23.91. So far today, the stock has hit a low of 23.48 and a high of 23.99. LPL is now trading at 23.72, down 0.70 (-2.93%). The stock hit its 52 week high of 31.29 in November and set its 52 week low of 17.52 in March. LPL rose during 2007, but has shown signs of weakness since November. LG Display announced today that its co-founder Royal Philips Electronics NV has sold a 6.71 per cent stake in the company. Philips sold 24 million, reducing its stake to 13.2 per cent. Technical indicators for the stock are bullish and steady while S&P gives LPL a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a July bear-call credit spread above the $30 range.LPL stock could rise up to 26.5% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]