Elan Corp. (ELN) NewsBite - ELN Rises on Buyout Rumors
Posted: Monday, June 01, 2009 11:55 AM EDT
By: Market Intelligence Center Staff
Elan Corp (NYSE: ELN) opened at $8.00. So far today, the stock has hit a low of $7.57 and a high of $8.05. ELN is now trading at $7.93, up $0.95 (13.61%). Over the last 52 weeks the stock has ranged from a low of $4.85 to a high of $37.45. Shares of ELN are trading higher today on reports that the company is in talks to sell a minority stake to Bristol Myers Squibb (BMS). BMS has denied the reports. Technical indicators for the stock are neutral and S&P gives ELN a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ELN the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 6 range. [ABR-Seven Summits Strategic Investments NewsBite]
CLICK HERE: FREE Elan Corp (ELN) Stock ReportSee what our analysts have uncovered about Elan Corp (ELN).
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