AstraZeneca (AZN) NewsBite - AZN Falls on Obama Victory

Wednesday, November 05, 2008 10:05 AM EDT

AstraZeneca (NYSE: AZN) opened at $42.47. So far today, the stock has hit a low of $42.37 and a high of $42.81. AZN is now trading at $42.70, down $1.68 (-3.79%). Over the last 52 weeks the stock has ranged from a low of $34.77 to a high of $49.85. Shares of AZN are trading lower with other pharmaceutical companies this morning as analysts are speculating that a Barack Obama administration will install tougher price controls in the Medicare drug benefit, which could hurt pharmaceutical companies' balance sheets. Technical indicators for the stock are neutral and S&P gives AZN a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on AZN the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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