Bank of New York Mellon (BK) NewsBite - BK Upgraded By Ladenburg Thalmann

Posted: Wednesday, December 03, 2008 1:12 PM EDT

Bank of New York Mellon (BK) was upgraded today by analysts at Ladenburg Thalmann and the stock is now at $28.80, up $1.66 (6.12%) on volume of 5,595,259 shares traded. The brokerage upped BK to "Buy" from "Neutral." Over the last 52 weeks the stock has ranged from a low of $20.49 to a high of $50.26. Bank of New York Mellon stock has been showing support around $24.37 and resistance in the $28.93 range. Technical indicators for the stock are neutral and S&P gives BK a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on BK the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]

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