Vale (VALE) NewsBite - VALE Completes Iron Ore Acquisition

Posted: Monday, September 21, 2009 11:24 AM EDT
By: Market Intelligence Center Staff





Vale (NYSE: VALE) opened at $21.98. So far today, the stock has hit a low of $21.57 and a high of $22.05. VALE is now trading at $21.95, down $0.09 (-0.41%). Over the last 52 weeks the stock has ranged from a low of $8.80 to a high of $25.48. Over the weekend, Rio Tinto (RTP) announced it has completed the sale of its Corumba iron ore mine in Brazil to VALE for a cash consideration of $750 million. Technical indicators for the stock are neutral and S&P gives VALE a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on VALE the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]



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