Autodesk (ADSK) NewsBite - Autodesk Tumbles on Disappointing DELL Earnings

Posted on Friday, August 29, 2008 1:22 PM

Autodesk (NasdaqNM: ADSK) opened at $37.20. So far today, the stock has hit a low of $35.69 and a high of $37.23. ADSK is now trading at $35.97, down $1.57 (-4.18%). The stock hit its 52-Week high of $51.32 in October and set its 52-Week low of $29.58 in March. Autodesk shares have been tumbling with other technology stocks after Dell Inc. (DELL) said its second-quarter earnings dropped and its gross margin missed analysts' expectations. Technical indicators for the stock are bullish and S&P gives ADSK a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on ADSK the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 40 range. [ABR-Seven Summits Strategic Investments NewsBite]

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