WellCare Health Plans (NYSE: WCG) NewsBite - WCG Expects Smaller Profits Going Forward

Wednesday, August 13, 2008 11:31 AM EDT

WellCare Health Plans (NYSE: WCG) opened at $38.25. So far today, the stock has hit a low of $37.33 and a high of $39.73. WCG is now trading at $38.99, down $3.21 (-7.61%). The stock hit its 52-Week high of $128.42 in November and set its 52-Week low of $20.81 in November. WCG is dropping today after the company said it expects smaller profits over the coming months. Technical indicators for the stock are bearish and S&P gives WCG a negative 1 STARS (out of 5) strong sell ranking. If you are looking for a hedged play on WCG the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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