Ctrip.com International (CTRP) NewsBite - Downgrade Puts Pressure on Ctrip.com

Posted on Wednesday, May 07, 2008 2:00 PM

Ctrip.com International Ltd. (CTRP) opened at 64.53. So far today, the stock has hit a low of 62.90 and a high of 65.26. CTRP is now trading at 64.47, down 2.35 (-3.64%). The stock hit its 52 week high of 70.89 in May and set its 52 week low of 35.12 in May. CTRP has been rising for most of the past year. Shares of Ctrip.com International have been taking a hit after a Piper Jaffray analyst slashed his rating on the stock to "Neutral" from "Buy." The broker said shares of the Chinese online travel company have reached a fair price following a recent run-up. Technical indicators for the stock are bullish and steady. If you’re looking for a hedged play on this stock, consider a June bear-call credit spread above the $80 range. CTRP stock could rise up to 24.1% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]