HSBC PLC (HBC) NewsBite - HBC Upgraded By JP Morgan

Posted: Wednesday, May 06, 2009 12:36 PM EDT

HSBC PLC (HBC) was upgraded today by analysts at JP Morgan and the stock is now at $40.78, up $2.07 (5.35%) on volume of 1,944,372 shares traded. The analysts upped the stock to Neutral from Underweight. Over the last 52 weeks the stock has ranged from a low of $22.89 to a high of $87.46. HSBC PLC stock has been showing support around $38.12 and resistance in the $39.80 range. 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 34 range. [ABR-Seven Summits Strategic Investments NewsBite]

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