Health Care Property Investors (HCP) NewsBite - HCP Prices Offering of 13M Shares of Stock

Wednesday, August 06, 2008 2:44 PM EDT

Health Care Property Investors (NYSE: HCP) opened at $33.59. So far today, the stock has hit a low of $33.31 and a high of $34.49. HCP is now trading at $34.48, down $2.34 (-6.36%). The stock hit its 52-Week high of $38.75 in April and set its 52-Week low of $25.60 in August. HCP announced today it priced an offering of common stock at $33.50 per share. HCP will raise about $435 million through the offering of 13 million shares of common stock. Technical indicators for the stock are bearish and S&P gives HCP a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on HCP the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 40 range. [ABR-Seven Summits Strategic Investments NewsBite]

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