Pacific Sunwear of California (PSUN) NewsBite - Pacific Sunwear to Reintroduce Shoes

Posted on Wednesday, June 11, 2008 12:22 PM

Pacific Sunwear of California Inc. (PSUN) opened at 9.82. So far today, the stock has hit a low of 9.77 and a high of 10.50. PSUN is now trading at 10.00, up 0.17 (1.73%). The stock hit its 52 week high of 23.06 in July and set its 52 week low of 8.63 in June. PSUN has been dropping for the past year. Pacific Sunwear announced today it would reintroduce a limited shoe selection in some stores in time for the back-to-school season. In April, the company announced it was removing sneakers and fashion footwear from stores, although it is still carrying flip flops and sandals. Technical indicators for the stock are bearish and steady while S&P gives PSUN 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 $7.50 range. PSUN stock could fall up to 25% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]