VMWare (VMW) NewsBite - VMW Falls on Economic Data
Posted: Thursday, October 01, 2009 10:00 AM EDT
By: Market Intelligence Center Staff
Vmware (NYSE: VMW) opened at $39.70. So far today, the stock has hit a low of $38.70 and a high of $39.99. VMW is now trading at $38.94, down $1.23 (-3.06%). Over the last 52 weeks the stock has ranged from a low of $17.25 to a high of $41.19. Shares of VMW are declining with the broader market this morning following worse-than-expected reports on unemployment and personal incomes which reignited investors' concerns of a sluggish economic recovery. The Labor Department reported that initial jobless claims rose to a seasonally adjusted 551,000, more than economists had forecast, while the Commerce Department said personal incomes rose 0.2 percent in August, well behind a 1.3 percent rise in consumer spending. Technical indicators for the stock are bearish and S&P gives VMW a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on VMW the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 45 range. [ABR-Seven Summits Strategic Investments NewsBite]
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