Genzyme (GENZ) NewsBite - Genzyme 2Q Profit Falls on Charges

Posted on Wednesday, July 23, 2008 11:13 AM

Genzyme Corp. (GENZ) opened at 77.18. So far today, the stock has hit a low of 76.57 and a high of 77.97. GENZ is now trading at 77.05, down 2.25 (-2.92%). The stock hit its 52 week high of 82.08 in January and set its 52 week low of 58.71 in August. GENZ has been climbing for most of the past year. Genzyme reported today its second-quarter profit fell to $83.8 million on a series of charges. The company posted adjusted earnings of 98 cents per share on revenue of $1.17 billion, while analysts forecast a profit of 97 cents per share on revenue of $1.13 billion. Technical indicators for the stock are bullish and steady while S&P gives GENZ a very positive 5 STARS (out of 5) strong buy rating. If you’re looking for a hedged play on this stock, consider a September bear-call credit spread above the $85 range. GENZ stock could rise up to 10.3% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]