Cheesecake Factory (CAKE) NewsBite - CAKE Downgraded By Sun Trust

Posted: Friday, July 24, 2009 2:41 PM EDT

Cheesecake Factory (CAKE) was downgraded today by analysts at Sun Trust and the stock is now at $17.94, down $1.18 (-6.17%) on volume of 3,195,287 shares traded. The analysts reduced CAKE to Neutral from Buy. Over the last 52 weeks the stock has ranged from a low of $4.96 to a high of $19.25. Cheesecake Factory stock has been showing support around $17.59 and resistance in the $20.01 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 a September out-of-the-money bear-call credit spread above the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

Click Symbol For More News On: (CAKE)