Wachovia Capital Trust (WB) NewsBite - WB Falls Ahead of Fed Announcement

Posted: Wednesday, October 29, 2008 10:04 AM EDT

Wachovia Capital Trust (NYSE: WB) opened at $5.90. So far today, the stock has hit a low of $6.16 and a high of $6.47. WB is now trading at $6.25, down $0.22 (-3.40%). Over the last 52 weeks the stock has ranged from a low of $.01 to a high of $46.58. Shares of WB are declining today ahead of the Federal Reserve's announcement on interest rates. Economists are expecting the central bank to cut the federal funds rate in an effort to boost economic activity and free up credit markets. Technical indicators for the stock are neutral and S&P gives WB a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on WB the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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