HSBC PLC (HBC) NewsBite - HBC Plans To Sell Office Buildings

Posted: Tuesday, April 14, 2009 10:04 AM EDT

HSBC PLC (NYSE: HBC) opened at $35.76. So far today, the stock has hit a low of $35.43 and a high of $35.81. HBC is now trading at $35.55, up $0.90 (2.6%). Over the last 52 weeks the stock has ranged from a low of $22.89 to a high of $88.15. Shares of HBC are rising today on reports that the bank plans to sell office buildings in New York and Paris as well as its London headquarters in order to boost its cash balance. Technical indicators for the stock are bullish and S&P gives HBC a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on HBC the stock seems like it could be a candidate for a June out-of-the-money bull-put credit spread below the 22.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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