Capital One (COF) NewsBite - Consumer Spending Fears Pull Down COF

Thursday, September 04, 2008 10:03 AM EDT

Capital One (NYSE: COF) opened at $44.40. So far today, the stock has hit a low of $43.83 and a high of $44.40. COF is now trading at $43.98, down $1.69 (-3.70%). Over the last 52 weeks the stock has ranged from a low of $30.82 to a high of $73.55. COF shares are trading lower with other credit card companies this morning after a number of retailers reported disappointing August same-store sales numbers, triggering fears that consumer spending will be weak as the economy continues its slowdown. Technical indicators for the stock are neutral and S&P gives COF a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on COF the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 55 range. [ABR-Seven Summits Strategic Investments NewsBite]

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