HSBC PLC (HBC) NewsBite - Economic Optimism Boosts HBC

Posted: Friday, May 29, 2009 9:55 AM EDT

HSBC PLC (NYSE: HBC) opened at $45.67. So far today, the stock has hit a low of $45.22 and a high of $45.75. HBC is now trading at $45.32, up $1.55 (3.54%). Over the last 52 weeks the stock has ranged from a low of $22.89 to a high of $86.50. Shares of HBC are rising with the broader market this morning after a revised GDP reading bolstered investors' hopes that the economy is bottoming. The Commerce Department said GDP contracted by 5.7 percent in the first quarter, down from a previous estimate of 6.1 percent. Technical indicators for the stock are neutral and S&P gives HBC a neutral 3 STARS (out of 5) hold 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 40 range. [ABR-Seven Summits Strategic Investments NewsBite]

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