Jones Apparel Group (JNY) NewsBite - JNY Up on May Same-Store Sales

Posted on Thursday, June 05, 2008 12:20 PM

Jones Apparel Group Inc. (JNY) opened at 16.24. So far today, the stock has hit a low of 16.24 and a high of 16.98. JNY is now trading at 16.76, up 0.51 (3.14%). The stock hit its 52 week high of 30.05 in June and set its 52 week low of 12.10 in January. The stock has been losing ground for the past year. Shares of apparel makers have been soaring after retailers reported stronger-than-expected sales for May. Analysts had predicted a gloomy May, with consumers facing with rising energy costs, declining home values and tightening credit. Technical indicators for the stock are bullish and steady while S&P gives JNY a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a July bull-put credit spread below the $15 range. JNY stock could fall up to 10.5% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]