Hershey (HSY) NewsBite - HSY Rises on Strong Earnings

Posted on Wednesday, July 23, 2008 10:14 AM

Hershey Ord Shs (HSY) opened at $35.765. So far today the stock has hit a low of $35.32 and a high of $36.58. HSY is now trading at $36.58, up 1.63 (4.66%). After hitting a one-year high of $48.77 in August, the stock hit a one-year low of $32.31 earlier this month. HSY shares are rising today after the company reported a second-quarter profit of $41.5 million, or 18 cents a share, helped by a price increase and more efficient production lines. HSY's adjusted profit of 29 cents per share beat analysts' estimates of 28 cents per share. Technical indicators for HSY are bearish and improving, while S&P gives the stock a bearish 1 Star (out of 5) Strong Sell rating. If you’re looking for a hedged play on this stock, consider a November bull-put credit spread below the $30 range. HSY hasn't been below 30 at all in the past year. The stock could lose up to 17.9% before this trade runs into trouble. [LHF- Seven Summits Strategic Investments NewsBite]