Sony (SNE) NewsBite - SNE Lower As Market Rally Stalls

Posted: Monday, June 08, 2009 10:13 AM EDT

Sony (NYSE: SNE) opened at $27.14. So far today, the stock has hit a low of $27.14 and a high of $27.61. SNE is now trading at $27.17, down $0.66 (-2.37%). Over the last 52 weeks the stock has ranged from a low of $15.64 to a high of $51.34. Shares of SNE are declining with the broader market this morning as investors have put the recent market rally on hold. Investors seem to be playing it safe until they receive new reports on the state of the economy. Technical indicators for the stock are bearish and S&P gives SNE a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on SNE the stock seems like it could be a candidate for a July out-of-the-money bear-call credit spread above the 30 range. [ABR-Seven Summits Strategic Investments NewsBite]

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