PetMed Express (PETS) NewsBite - PETS Rallying on Upgrade

Tuesday, July 22, 2008 2:20 PM EDT

PetMed Express Inc. (PETS) opened at 14.14. So far today, the stock has hit a low of 13.62 and a high of 14.50. PETS is now trading at 14.35, up 0.43 (3.04%). The stock hit its 52 week high of 15.98 in August and set its 52 week low of 10.45 in January. PETS fell during the second half of 2007, but has been weaker recently. Shares of PetMed Express have been soaring today after a Piper Jaffray analyst upped the stock to "Neutral" from "Sell." Technical indicators for the stock are bullish but slightly deteriorating. If you are looking for a hedged play on this stock, consider a December covered call at the $15 level. That stock would have to drop by more than 9.4% before we would start to lose money. [RHF - Seven Summits Strategic Investments]

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