UBS (UBS) NewsBite - UBS Rebounds on Bernanke Statement

Posted on Tuesday, June 03, 2008 10:51 AM

UBS AG (UBS) opened at 24.17. So far today, the stock has hit a low of 23.87 and a high of 24.18. UBS is now trading at 23.98, up 0.94 (3.89%). The stock hit its 52 week high of 61.83 in June and set its 52 week low of 21.08 in March. The stock has been in a steady decline over the past 12 months. The stock is rebounding nicely from yesterday's sell off. The financials were hit hard yesterday on news that Wachovia was ousting its CEO, and they are moving higher today and making up some of yesterday's losses as buyers come back in, and the financials are also getting some help today following remarks from Fed Chairman Ben Bernanke this morning, who said that we should be seeing "somewhat better" economic conditions during the second half of this year. Technical indicators for the stock are bearish and steady while S&P gives UBS a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a September bull-put credit spread below the $20 range. UBS stock could fall up to 16.6% before expiration and this position would still be profitable. [RHF- Seven Summits Strategic Investments NewsBite]