Cheesecake Factory (CAKE) NewsBite - CAKE Upgraded By Argus

Posted: Friday, June 12, 2009 1:39 PM EDT

Cheesecake Factory (CAKE) was upgraded today by analysts at Argus and the stock is now at $16.40, up $0.50 (3.14%) on volume of 1,246,961 shares traded. The brokerage upped CAKE to Buy from Sell. Over the last 52 weeks the stock has ranged from a low of $4.96 to a high of $18.53. Cheesecake Factory stock has been showing support around $15.26 and resistance in the $17.10 range. Technical indicators for the stock are bearish and S&P gives CAKE a negative 1 STARS (out of 5) strong sell ranking. If you are looking for a hedged play on CAKE the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 12.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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