International Business Machines (NYSE: IBM) NewsBite - IBM reportedly looking to buy JAVA
Posted: Wednesday, March 18, 2009 10:07 AM EDT
By: Market Intelligence Center Staff
International Business Machines (NYSE: IBM) opened at $89.46. So far today, the stock has hit a low of $89.41 and a high of $92.03. IBM is now trading at $90.64, down $2.27 (-2.44%). The stock hit its 52-Week high of $130.93 in July and set its 52-Week low of $69.50 in November. IBM is lower by more than 2% after reports surfaced that the company is looking to acquire Sun Microsystems (JAVA). This potential deal could signal the start of a merger and acquisition storm as companies that are well-positioned (like IBM) could gobble up companies that have seen their share prices drop sharply over the past year (like JAVA). Technical indicators for the stock are bullish and S&P gives IBM a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on IBM the stock seems like it could be a candidate for a July out-of-the-money bull-put credit spread below the 65 range. [ABR-Seven Summits Strategic Investments NewsBite]
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