Cemex S.A.B. De C.V. (CX) NewsBite - CemexQ2 Earnings Jump 21% to $1.4B

Posted on Wednesday, July 23, 2008 10:46 AM

Cemex S.A.B. de C.V. (CX) opened at 23.10. So far today, the stock has hit a low of 22.83 and a high of 23.68. CX is now trading at 23.60, up 0.31 (1.34%). The stock hit its 52 week high of 37.99 in July and set its 52 week low of 20.57 in July. CX has been generally down for the past year. Cemex announced yesterday evening its second-quarter net profit dropped 27% to $444 million as it paid back debt. Analysts predicted a net profit of $563 million in the quarter. The company also said that adjusted earnings increased 21% to $1.4 billion. Technical indicators for the stock are bearish and steady. If you’re looking for a hedged play on this stock, consider a September bull-put credit spread below the $20 range. CX stock could fall up to 15.3% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]