Novartis AG (NYSE: NVS) NewsBite - NVS Looking to Buy ELN Divisions

Posted: Monday, June 29, 2009 10:51 AM EDT

Novartis AG (NYSE: NVS) opened at $40.64. So far today, the stock has hit a low of $40.57 and a high of $40.84. NVS is now trading at $40.81, down $.53 (-1.28%). The stock hit its 52-Week high of $61.30 in August and set its 52-Week low of $33.34 in March. It was reported today that NVS is in talks to buy part of Elan (ELN), including the drug Tysabri, which was announced this morning possibly to have some problems with brain infections among patients. Technical indicators for the stock are neutral and S&P gives NVS a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on NVS the stock seems like it could be a candidate for an August out-of-the-money bear-call credit spread above the 45 range. [ABR-Seven Summits Strategic Investments NewsBite]

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