FormFactor (FORM) NewsBite - Downgrade Sinks FormFactor

Posted on Wednesday, July 23, 2008 1:05 PM

FormFactor Inc. (FORM) opened at 16.98. So far today, the stock has hit a low of 15.56 and a high of 17.10. FORM is now trading at 16.20, down 2.30 (-13.55%). The stock hit its 52 week high of 48.48 in September and set its 52 week low of 15.56 today. FORM has been moving downwards for the past year. FormFactor shares have been plunging today as an Oppenheimer analyst downgraded the stock to "Perform" from "Outperform." The broker expects the company's second-quarter revenue to be at the low end of its forecast. Technical indicators for the stock are bullish but slightly deteriorating while S&P gives FORM a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider a September bear-call credit spread above the $20 range. FORM stock could rise up to 23.5% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]