Illumina (ILMN) NewsBite - IIllumina Q2 Profit Rises on Higher Sales

Posted on Wednesday, July 23, 2008 10:54 AM

Illumina Inc. (ILMN) opened at 90.54. So far today, the stock has hit a low of 88.70 and a high of 92.50. ILMN is now trading at 89.26, up 5.16 (5.70%). The stock hit its 52 week high of 92.50 today and set its 52 week low of 40.08 in July. ILMN has been moving upwards for the past year. Illumina announced yesterday evening its second-quarter profit rose 66% to $15.4 million on a surge in product sales. The company posted earnings of 44 cents per share on revenue of $140.2 million, while analysts expected profit of 28 cents per share on revenue of $130 million. Illumina also lifted its third-quarter and full-year outlooks. Technical indicators for the stock are bullish but slightly deteriorating while S&P gives ILMN a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider an August bull-put credit spread below the $75 range. ILMN stock could fall up to 16% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]