Wachovia Capital Trust (WB) NewsBite - WB Rises Ahead of Fed Decision

Posted on Tuesday, September 16, 2008 10:43 AM

Wachovia Capital Trust (NYSE: WB) opened at $9.46. So far today, the stock has hit a low of $9.00 and a high of $11.68. WB is now trading at $11.10, up $0.39 (3.64%). Over the last 52 weeks the stock has ranged from a low of $7.80 to a high of $53.10. WB shares are rising today ahead of the Federal Reserve's announcement on interest rates. Analysts are split as to whether the central bank will cut rates, some think a cut could shore up credit markets. Technical indicators for the stock are bearish and S&P gives WB a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on WB the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]