VeriSign (VRSN) NewsBite - VRSN Rises on Mobile Entertainment Sale

Posted: Tuesday, October 07, 2008 10:02 AM EDT

VeriSign (NasdaqNM: VRSN) opened at $24.69. So far today, the stock has hit a low of $24.16 and a high of $25.83. VRSN is now trading at $25.12, up $1.19 (4.97%). Over the last 52 weeks the stock has ranged from a low of $20.31 to a high of $42.50. Shares of VRSN are rising this morning after the company sold its minority share of its Mobile Entertainment joint venture to News Corporation (NWS) for approximately $200 million. VRSN sold its stake in order to focus on its core businesses in Internet infrastructure. Technical indicators for the stock are neutral and S&P gives VRSN a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on VRSN the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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