Hartford Financial (HIG) NewsBite - Analysts' Comments Pull Down HIG

Posted: Wednesday, May 13, 2009 9:55 AM EDT

Hartford Financial (NYSE: HIG) opened at $13.61. So far today, the stock has hit a low of $13.08 and a high of $13.91. HIG is now trading at $13.08, down $1.43 (-9.86%). Over the last 52 weeks the stock has ranged from a low of $3.33 to a high of $73.89. Shares of HIG are trading lower this morning after an article in the Wall Street Journal speculated that despite the promise of TARP funds, life insurers will likely be prone to further credit downgrades due to falling sales and bad investments. The article cited several analysts who suggested that further ratings downgrades could hit HIG after the company's credit rating was reduced at Fitch Ratings on Tuesday. This could be a bad sign for HIG. Technical indicators for the stock are neutral and S&P gives HIG a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on HIG the stock seems like it could be a candidate for a June out-of-the-money bear-call credit spread above the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

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