SAP AG (SAP) NewsBite - SAP Falls on Downgrade

Monday, November 17, 2008 11:38 AM EDT

SAP AG (NYSE: SAP) opened at $34.28. So far today, the stock has hit a low of $33.47 and a high of $34.44. SAP is now trading at $33.62, down $1.62 (-4.60%). Over the last 52 weeks the stock has ranged from a low of $29.31 to a high of $59.42. SAP shares are declining today after the stock was downgraded at Merrill Lynch to "Neutral" from "Buy." Technical indicators for the stock are neutral and S&P gives SAP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on SAP the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 40 range. [ABR-Seven Summits Strategic Investments NewsBite]

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