Cheesecake Factory (CAKE) NewsBite - CAKE Falls on Consumer Spending Worries
Posted: Thursday, August 06, 2009 10:03 AM EDT
By: Market Intelligence Center Staff
Cheesecake Factory (NasdaqNM: CAKE) opened at $19.30. So far today, the stock has hit a low of $19.06 and a high of $19.55. CAKE is now trading at $19.24, down $0.52 (-2.63%). Over the last 52 weeks the stock has ranged from a low of $4.96 to a high of $20.04. Shares of CAKE are declining with other restaurants this morning after a number of major retailers reported worse-than-expected July sales data, triggering worries that a recovery in consumer spending might not arrive as soon as initially hoped. 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 bear-call credit spread above the 22.50 range. [ABR-Seven Summits Strategic Investments NewsBite]
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