eBay (EBAY) NewsBite - EBAY Lower on As Bailout Is Uncertain

Posted on Wednesday, October 01, 2008 10:09 AM

eBay (NasdaqNM: EBAY) opened at $22.00. So far today, the stock has hit a low of $21.82 and a high of $22.21. EBAY is now trading at $22.20, down $0.18 (-0.80%). Over the last 52 weeks the stock has ranged from a low of $19.95 to a high of $40.73. Shares of EBAY are declining this morning with the broader market ahead of a Senate vote today on the government bailout of the financial sector. Though the bill is expected to pass the Senate, it remains unclear whether an amended plan can pass the House of Representatives after the House rejected the plan on Monday. Technical indicators for the stock are bullish and S&P gives EBAY a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on EBAY the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]