HSBC PLC (HBC) NewsBite - HBC Lower on Recession Worries

Friday, October 24, 2008 11:24 AM EDT

HSBC PLC (NYSE: HBC) opened at $52.38. So far today, the stock has hit a low of $52.02 and a high of $57.00. HBC is now trading at $52.92, down $11.28 (-17.57%). Over the last 52 weeks the stock has ranged from a low of $62.59 to a high of $99.52. HBC shares are tumbling with other banks today as investors are worried that government actions to combat the credit crisis will not keep the economy worldwide out of a deep recession. Technical indicators for the stock are bearish and S&P gives HBC a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on HBC the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 65 range. [ABR-Seven Summits Strategic Investments NewsBite]

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