Career Education (CECO) NewsBite - CECO Jumps on Stock Buyback

Posted: Friday, October 10, 2008 1:39 PM EDT

Career Education (NasdaqNM: CECO) opened at $13.64. So far today, the stock has hit a low of $13.17 and a high of $15.11. CECO is now trading at $14.87, up $0.70 (4.94%). Over the last 52 weeks the stock has ranged from a low of $11.57 to a high of $36.09. CECO shares are rising today after the company announced it bought back over 600,000 shares, while two stakeholders also bought over 300,000 shares each this week. Technical indicators for the stock are bearish and S&P gives CECO a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on CECO the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 12.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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