Automatic Data Processing (ADP) NewsBite - ADP Downgraded By Bernstein
Posted: Tuesday, January 27, 2009 1:30 PM EDT
By: Market Intelligence Center Staff
Automatic Data Processing (ADP) was downgraded today by analysts at Bernstein and the stock is now at $37.27, down $0.37 (-0.98%) on volume of 4,186,125 shares traded. The analysts downgraded the stock to "Market Perform" from "Outperform." Over the last 52 weeks the stock has ranged from a low of $30.83 to a high of $45.97. Automatic Data Processing stock has been showing support around $36.23 and resistance in the $38.79 range. Technical indicators for the stock are neutral and S&P gives ADP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ADP the stock seems like it could be a candidate for a March out-of-the-money bear-call credit spread above the 42.50 range. [ABR-Seven Summits Strategic Investments NewsBite]
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