Google Inc
(GOOG) opened at $576.21. So far today the stock has hit a low of $576.21 and a high of $578.91. GOOG is now trading at $579.21, up 7.03 (1.23%). After hitting a one-year high of $747.24 in November, the stock hit a one-year low of $412.11 in March. Shares of GOOG are rising this morning as chief rival Yahoo
(YHOO) seems to be embroiled in chaos over merger efforts. Billionaire investor Carl Icahn sent an open letter to YHOO yesterday threatening to start a proxy war over the failed takeover attempt by Microsoft
(MSFT). All this trouble at YHOO could be good news for GOOG. Technical indicators for GOOG are bullish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a June bull-put credit spread below the $530 range. GOOG hasn’t been below $530 since April and has shown support around $560 recently. This trade could be risky if the markets continue to go through a rough patch for the next few weeks, but even if that happens, this position could be protected by the support the stock might find around $540, which is where it bottomed in May. [LHF- Seven Summits Strategic Investments NewsBite]