Honda Motor (HMC) NewsBite - HMC Falls After Cutting Production

Posted: Thursday, December 18, 2008 9:55 AM EDT

Honda Motor (NYSE: HMC) opened at $20.80. So far today, the stock has hit a low of $20.52 and a high of $20.80. HMC is now trading at $20.77, down $0.45 (-2.12%). Over the last 52 weeks the stock has ranged from a low of $17.35 to a high of $36.40. HMC shares are trading lower this morning after the company said it will reduce Japanese production by 54,000 units. HMC also said it will wait to declare its year-end dividend until the company finishes forecasts for FY-2009. Technical indicators for the stock are neutral and S&P gives HMC a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on HMC the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]

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