Centex (CTX) NewsBite - PHM Buyout Lifts CTX

Posted: Wednesday, April 08, 2009 11:03 AM EDT

Centex (NYSE: CTX) opened at $9.91. So far today, the stock has hit a low of $9.03 and a high of $9.91. CTX is now trading at $9.11, up $1.49 (19.55%). Over the last 52 weeks the stock has ranged from a low of $4.91 to a high of $26.09. Shares of CTX are rising today after competitor Pulte Homes (PHM) agreed to buy the company for $1.3 billion in a stock deal. The deal values CTX shares at $10.50 per share, over 30% higher than the stock's Monday closing price of $7.62. Technical indicators for the stock are neutral and S&P gives CTX a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on CTX the stock seems like it could be a candidate for a May out-of-the-money bull-put credit spread below the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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