Oracle (ORCL) NewsBite - ORCL Falls on Economic Concerns

Friday, August 29, 2008 9:50 AM EDT

Oracle (NasdaqNM: ORCL) opened at $22.40. So far today, the stock has hit a low of $22.19 and a high of $22.43. ORCL is now trading at $22.19, down $0.45 (-1.99%). Over the last 52 weeks the stock has ranged from a low of $18.18 to a high of $23.62. ORCL shares are declining with the broader market this morning after the Commerce Department issued a personal income report that triggered investors' worries about declining consumer spending. The Commerce Department reported that personal incomes fell by 0.7 percent in July, economists were expecting a 0.1 percent drop. Technical indicators for the stock are bullish and S&P gives ORCL a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on ORCL the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 24 range. [ABR-Seven Summits Strategic Investments NewsBite]

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