O'Reilly Automotive (ORLY) NewsBite - ORLY Jumps on Upgrade

Posted on Wednesday, August 20, 2008 1:25 PM

O'Reilly Automotive (ORLY) was upgraded today by analysts at JP Morgan and the stock is now at $28.71, up $0.63 (2.24%) on volume of 1,021,865 shares traded. The brokerage firm upped the stock to "Overweight" from "Neutral." Over the last 52 weeks the stock has ranged from a low of $21.92 in July to a high of $36.60 in September. O'Reilly Automotive stock has been showing support around $27.27 and resistance in the $29.21 range. Technical indicators for the stock are bullish and S&P gives ORLY a positive 4 STARS (out of 5) buy ranking. The broker cited growing demand for its services. If you are looking for a hedged play on ORLY the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 22.50 range. [ABR-Seven Summits Strategic Investments NewsBite]