Waste Management (WMI) NewsBite - WMI Lower on Competitors' Merger
Posted: Monday, November 17, 2008 11:20 AM EDT
By: Market Intelligence Center Staff
Waste Management (NYSE: WMI) opened at $30.87. So far today, the stock has hit a low of $29.60 and a high of $30.87. WMI is now trading at $29.97, down $1.23 (-3.94%). Over the last 52 weeks the stock has ranged from a low of $24.51 to a high of $39.25. Shares of WMI are trading lower today after shareholders at rivals Republic Services Inc. (RSG) and Allied Waste Industries Inc. (AW) approved a merger of the two companies. The new company will be a significant challenger to WMI. The merger still requires Department of Justice approval, and is expected to close in the fourth quarter. Technical indicators for the stock are bullish and S&P gives WMI a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on WMI the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 35 range. [ABR-Seven Summits Strategic Investments NewsBite]
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