Allstate (ALL) NewsBite - Allstate Higher on Durable Goods Orders Data

Posted on Wednesday, August 27, 2008 3:03 PM

Allstate (NYSE: ALL) opened at $44.65. So far today, the stock has hit a low of $44.21 and a high of $44.93. ALL is now trading at $44.90, up $0.23 (0.51%). The stock hit its 52-Week high of $59.23 in October and set its 52-Week low of $42.51 in July. Allstate shares have been soaring along with the broader market after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy is stronger than expected. The Commerce Department said orders for durable goods jumped 1.3% in July, while analysts predicted an increase of 0.1%. Technical indicators for the stock are neutral and S&P gives ALL a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ALL the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 40 range. [ABR-Seven Summits Strategic Investments NewsBite]