Panera Bread Company (PNRA) was identified by MarketIntelligenceCenter.com’s patented algorithms today after trading between $182.01 and $184.22 on Wednesday before closing at $182.04.
A diagonal spread using a long position in the Jan. '16 $140.00 call and a short position in the $180.00 Aug. '15 call for a net debit of about $35.75 would yield 11.89% in just 99 days. A less risky, but more expensive strategy would be a covered call using the same sold option.
Panera Bread is rated a 3 STARS (out of 5) hold by Standard & Poor’s, where the stock has a $182.00 12-month price target. Technical indicators for the stock have been bullish and support has been near $180.55 with resistance around $184.95.