Toronto Dominion Bank (TD) NewsBite - TD Falls on Credit Losses

Thursday, November 20, 2008 2:21 PM EDT

Toronto Dominion Bank (NYSE: TD) opened at $38.47. So far today, the stock has hit a low of $34.92 and a high of $38.47. TD is now trading at $35.70, down $3.94 (-9.94%). Over the last 52 weeks the stock has ranged from a low of $39.64 to a high of $75.00. Shares of TD are declining today after the company said it will take a loss of $350 Canadian million ($272 million) in the fourth quarter due to credit trading losses. Technical indicators for the stock are neutral and S&P does not currently have a STARS rating for TD. If you are looking for a hedged play on TD 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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