GlaxoSmithKline PLC (GSK) NewsBite - GSK Downgraded By Jefferies & Co.

Posted: Friday, October 23, 2009 2:09 PM EDT

GlaxoSmithKline PLC (GSK) was downgraded today by analysts at Jefferies & Co. and the stock is now at $40.16, down $1.38 (-3.32%) on volume of 1,269,091 shares traded. The brokerage reduced GSK to Hold from Buy. Over the last 52 weeks the stock has ranged from a low of $27.15 to a high of $42.18. GlaxoSmithKline PLC stock has been showing support around $41.05 and resistance in the $41.87 range. Technical indicators for the stock are neutral and S&P gives GSK a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on GSK the stock seems like it could be a candidate for a February out-of-the-money bear-call credit spread above the 45 range. [ABR-Seven Summits Strategic Investments NewsBite]

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