Digital River (DRIV) NewsBite - Digital River Tumbles on Downgrade

Wednesday, July 09, 2008 10:47 AM EDT

Digital River Inc. (DRIV) opened at 36.67. So far today, the stock has hit a low of 36.67 and a high of 37.23. DRIV is now trading at 37.13, down 1.84 (-5.02%). The stock hit its 52 week high of 53.52 in October and set its 52 week low of 29.17 in February. DRIV fell for most of the past year, but is showing some signs of rebound recently. Shares of Digital River have been tumbling today as a Goldman Sachs analyst downgraded the stock to "Sell" from "Neutral." The broker blamed the difficult U.S. macro environment which will create problems for software makers. Technical indicators for the stock are bullish but deteriorating. If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $45 range. DRIV stock could rise up to 21.2% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]

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