VeriSign (VRSN) NewsBite - VRSN Sells Unit to TNS

Posted: Tuesday, March 03, 2009 10:27 AM EDT

VeriSign (NasdaqNM: VRSN) opened at $19.55. So far today, the stock has hit a low of $19.43 and a high of $20.64. VRSN is now trading at $20.64, up $1.68 (8.86%). Over the last 52 weeks the stock has ranged from a low of $16.23 to a high of $42.50. Verisign shares are trading higher this morning after the company announced it will sell its communication services group to TNS Inc. (TNS) for $230 million in a cash deal. Technical indicators for the stock are neutral and S&P gives VRSN a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on VRSN 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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