ConAgra Foods (CAG) NewsBite - CAG Revenue Disappoints
Posted: Tuesday, September 22, 2009 10:02 AM EDT
By: Market Intelligence Center Staff
ConAgra Foods (NYSE: CAG) opened at $22.35. So far today, the stock has hit a low of $21.85 and a high of $22.50. CAG is now trading at $21.95, down $0.38 (-1.7%). Over the last 52 weeks the stock has ranged from a low of $13.52 to a high of $22.73. CAG reported a first-quarter profit this morning of $165.9 million or 37 cents per share. Excluding one-time items, CAG earned 38 cents per share, beating analysts' estimates of 34 cents per share. However, CAG's revenue came in at $2.96 billion, missing analysts' projections of $3.06 billion. Technical indicators for the stock are neutral and S&P gives CAG a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on CAG the stock seems like it could be a candidate for a March out-of-the-money bull-put credit spread below the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]
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