HSBC PLC (HBC) NewsBite - HBC Rises on Economic Optimism

Posted: Friday, July 31, 2009 11:55 AM EDT

HSBC PLC (NYSE: HBC) opened at $50.68. So far today, the stock has hit a low of $49.91 and a high of $50.75. HBC is now trading at $50.37, up $1.02 (2.06%). Over the last 52 weeks the stock has ranged from a low of $22.89 to a high of $86.50. Shares of HBC are rising with the rest of the market this morning after the Commerce Department said the economy contracted at a 1.0 percent annualized rate during the second quarter, better than the 1.5 percent decline expected by economists. The news bolstered investors' optimism that the economy could emerge from recession during the third quarter. Technical indicators for the stock are neutral and S&P gives HBC a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on HBC the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 44 range. [ABR-Seven Summits Strategic Investments NewsBite]

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