Washington Mutual Inc.
(WM) opened at 12.00. So far today, the stock has hit a low of 11.27 and a high of 12.00. WM is now trading at 11.30, down 0.88 (-7.31%). The stock hit its 52 week high of 44.66 in May and set its 52 week low of 8.72 in March. WM has been losing ground for the past year. Shares of Washington Mutual have been plunging with other mortgage lenders after a Friedman, Billings, Ramsey analyst downgraded Countrywide Financial Corp.
(CFC) to "Underperform" and said Bank of America
(BAC) should walk away from its agreed $4 billion deal to acquire the company. Technical indicators for the stock are bearish but slightly improving while S&P gives WM 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 $14 range. WM stock could rise up to 23.9% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]