Comerica (NYSE: CMA) NewsBite - Comerica Falls on FNM, FRE Trouble

Posted on Wednesday, August 20, 2008 3:00 PM

Comerica (NYSE: CMA) opened at $28.23. So far today, the stock has hit a low of $25.88 and a high of $28.23. CMA is now trading at $26.26, down $1.73 (-6.18%). The stock hit its 52-Week high of $59.50 in August and set its 52-Week low of $19.31 in July. Shares of Comerica have been tumbling today as worries over the fate of mortgage finance companies Fannie Mae (FNM) and Freddie Mac (FRE) weighed on the financial sector. Technical indicators for the stock are neutral and S&P gives CMA a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on CMA the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 30 range. [ABR-Seven Summits Strategic Investments NewsBite]