Sprint Nextel (S) NewsBite - Sprint's Samsung Instinct Records Record Sales

Posted on Thursday, June 26, 2008 12:52 PM

Sprint Nextel Corp. (S) opened at 8.47. So far today, the stock has hit a low of 8.36 and a high of 9.27. S is now trading at 8.77, up 0.22 (2.60%). The stock hit its 52 week high of 22.64 in July and set its 52 week low of 5.48 in March. The stock has been falling for most of the past year. Shares of Sprint Nextel have been rallying after the company said its recently launched touch screen smart phone, the Samsung Instinct, reached record sales in its first week in stores. Technical indicators for the stock are bullish but slightly deteriorating while S&P gives S a neutral 3 STARS (out of 5) hold rating. If you are looking for a hedged play on this stock, consider a November covered call at the $9 level. That stock would have to drop by more than 14.0% before we would start to lose money. [RHF - Seven Summits Strategic Investments NewsBite]