Alcon (ACL) NewsBite - ACL Sinks After Cutting Outlook

Posted: Thursday, October 23, 2008 11:16 AM EDT

Alcon (NYSE: ACL) opened at $103.70. So far today, the stock has hit a low of $87.55 and a high of $103.70. ACL is now trading at $96.87, down $38.58 (-28.48%). Over the last 52 weeks the stock has ranged from a low of $120.00 to a high of $178.56. ACL shares are sinking today after the company cut its fiscal-2008 revenue forcast to a range between $6.26 billion and $6.29 billion, from a prior forecast of $6.46 billion to $6.51 billion. Technical indicators for the stock are bullish and S&P gives ACL a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on ACL the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 115 range. [ABR-Seven Summits Strategic Investments NewsBite]

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