AnnTaylor Stores (ANN) NewsBite - ANN Flat on Factory Report

Posted on Wednesday, July 02, 2008 1:40 PM

AnnTaylor Stores Corp. (ANN) opened at 24.45. So far today, the stock has hit a low of 24.07 and a high of 24.87. ANN is now trading at 24.30, up 0.01 (-0.04%). The stock hit its 52 week high of 36.88 in July and set its 52 week low of 18.70 in January. ANN slipped during the second half of 2007, but has moved to the upside since the beginning of this year. AnnTaylor Stores shares have been dropping with other retailers following a disappointing factory orders report that stirred new concerns about the economy. The Commerce Department announced that factory orders rose by 0.6 percent in May, showing their weakest performance in three months. Technical indicators for the stock are bullish but deteriorating while S&P gives ANN a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a September bear-call credit spread above the $30 range. ANN stock could rise up to 23.5% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]