Seagate Technology (STX) NewsBite - Insider Buying Boosts STX

Posted: Thursday, August 27, 2009 10:02 AM EDT

Seagate Technology (NasdaqNM: STX) opened at $12.30. So far today, the stock has hit a low of $12.27 and a high of $12.71. STX is now trading at $12.63, up $0.50 (4.12%). Over the last 52 weeks the stock has ranged from a low of $2.98 to a high of $15.96. STX shares are trading higher this morning on news that company chairman Stephen J. Luzco purchased 100,000 shares of STX stock on Tuesday at a price of $12.38 per share on the open market, according to a regulatory filing. This could be a sign of bullishness to come. Technical indicators for the stock are neutral and S&P gives STX a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on STX the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 11 range. [ABR-Seven Summits Strategic Investments NewsBite]

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