Honda Motor (HMC) NewsBite - HMC Cuts Back Jet Business

Posted: Wednesday, February 18, 2009 10:03 AM EDT

Honda Motor (NYSE: HMC) opened at $24.40. So far today, the stock has hit a low of $24.06 and a high of $24.45. HMC is now trading at $24.39, up $1.02 (4.36%). Over the last 52 weeks the stock has ranged from a low of $17.35 to a high of $36.40. HMC shares are rising this morning on news that the company will cut its production of business jets by up to 30 percent in order to cut costs. The company is also reportedly considering additional job cuts. 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 an April out-of-the-money bull-put credit spread below the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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