Celgene (CELG) NewsBite - CELG Rises on Unemployment Relief

Posted on Friday, October 03, 2008 9:58 AM

Celgene (NasdaqNM: CELG) opened at $61.39. So far today, the stock has hit a low of $60.62 and a high of $62.60. CELG is now trading at $62.39, up $2.08 (3.45%). Over the last 52 weeks the stock has ranged from a low of $41.26 to a high of $77.39. CELG shares are rising with the broader market this morning after the Labor Department reported that the unemployment rate stayed flat at 6.1 percent in September. Investors seem to be taking this as a good sign after the unemployment rate ballooned in August. Technical indicators for the stock are bullish and S&P gives CELG a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on CELG the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 50 range. [ABR-Seven Summits Strategic Investments NewsBite]