Hibbett Sports (HIBB) NewsBite - Hibbett Plunges on BGFV Downgrade

Friday, July 11, 2008 3:50 PM EDT

Hibbett Sports Inc. (HIBB) opened at 19.30. So far today, the stock has hit a low of 17.75 and a high of 19.30. HIBB is now trading at 18.40, down 1.32 (-6.84%). The stock hit its 52 week high of 30.62 in July and set its 52 week low of 12.30 in January. HIBB fell for most of the past year, but is showing signs of rebound recently. Hibbett Sports shares have been falling today hurt by rival Big 5 Sporting Goods Corp. (BGFV) whose shares lost over 10% after a Deutsche Securities analyst downgraded the stock to "sell" from "Hold." Technical indicators for the stock are bullish but deteriorating while S&P gives HIBB a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $22.50 range. HIBB stock could rise up to 22.3% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]

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