GlaxoSmithKline PLC (GSK) NewsBite - GSK Downgraded By UBS
Posted: Friday, November 14, 2008 2:02 PM EDT
By: Market Intelligence Center Staff
GlaxoSmithKline PLC (GSK) was downgraded today by analysts at UBS and the stock is now at $36.59, down $0.64 (-1.72%) on volume of 1,316,077 shares traded. The brokerage downgraded GSK to "Neutral" from "Buy." Over the last 52 weeks the stock has ranged from a low of $32.84 to a high of $54.64. GlaxoSmithKline PLC stock has been showing support around $33.90 and resistance in the $38.94 range. Technical indicators for the stock are neutral and S&P gives GSK a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on GSK the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 42.50 range. [ABR-Seven Summits Strategic Investments NewsBite]
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