Wachovia Capital Trust (WB) NewsBite - WB Sinks on Analyst's Comments

Posted: Tuesday, December 23, 2008 10:14 AM EDT

Wachovia Capital Trust (NYSE: WB) opened at $5.42. So far today, the stock has hit a low of $5.28 and a high of $5.47. WB is now trading at $5.35, down $0.10 (-1.83%). Over the last 52 weeks the stock has ranged from a low of $.01 to a high of $40.22. WB shares are declining with other US banks today after a Friedman, Billings, Ramsey said regional banks' fourth-quarter results will likely be hit hard by taking charges higher than actual loan losses for the quarter in an effort to protect against future losses. This could be a bad sign for WB. Technical indicators for the stock are neutral and S&P gives WB a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on WB the stock seems like it could be a candidate for a February out-of-the-money bear-call credit spread above the 6 range. [ABR-Seven Summits Strategic Investments NewsBite]

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