Honda Motor (HMC) NewsBite - HMC Freezes Argentina Plant

Posted: Wednesday, January 07, 2009 10:40 AM EDT

Honda Motor (NYSE: HMC) opened at $23.41. So far today, the stock has hit a low of $23.13 and a high of $23.42. HMC is now trading at $23.20, up $1.56 (7.21%). Over the last 52 weeks the stock has ranged from a low of $17.35 to a high of $36.40. Shares of HMC are rising today after the company announced it will delay the opening of its new plant in Argentina for at least six months to cope with the weak international auto market. Technical indicators for the stock are bearish and S&P gives HMC a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on HMC the stock seems like it could be a candidate for a February out-of-the-money bull-put credit spread below the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

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