Chevron (CVX) NewsBite - CVX Drops on Profit Warning

Friday, January 09, 2009 9:48 AM EDT

Chevron (NYSE: CVX) opened at $73.88. So far today, the stock has hit a low of $73.19 and a high of $73.95. CVX is now trading at $73.20, down $1.04 (-1.40%). Over the last 52 weeks the stock has ranged from a low of $55.50 to a high of $104.63. Shares of CVX are declining this morning after the company warned that low oil prices will likely lead to a lower fourth-quarter profit than initially forecast. Technical indicators for the stock are bullish and S&P gives CVX a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on CVX the stock seems like it could be a candidate for a February out-of-the-money bear-call credit spread above the 85 range. [ABR-Seven Summits Strategic Investments NewsBite]

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