Alcon (ACL) NewsBite - ACL Falls on Economic Worries
Posted: Thursday, November 20, 2008 11:44 AM EDT
By: Market Intelligence Center Staff
Alcon (NYSE: ACL) opened at $75.30. So far today, the stock has hit a low of $67.76 and a high of $75.30. ACL is now trading at $73.92, down $1.82 (-2.40%). Over the last 52 weeks the stock has ranged from a low of $74.51 to a high of $178.56. ACL shares are sinking with the broader market today after a dismal unemployment report heightened investors' fears of an extended recession. The Labor Department reported new applications for jobless benefits rose to a seasonally adjusted 542,000 last week, a 16-year high. Technical indicators for the stock are neutral and S&P gives ACL a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ACL the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 85 range. [ABR-Seven Summits Strategic Investments NewsBite]
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