ING Group (ING) NewsBite - ING Slips on Reorganization Plan

Posted: Monday, October 26, 2009 11:17 AM EDT

ING Group (NYSE: ING) opened at $15.56. So far today, the stock has hit a low of $15.06 and a high of $15.60. ING is now trading at $15.10, down $2.27 (-13.07%). Over the last 52 weeks the stock has ranged from a low of $3.02 to a high of $18.89. ING announced this morning that it will split its banking and insurance operations, citing pressure from the European Commission's antitrust enforcers for the move. The company will divest its insurance businesses by sale or initial public offering over the next four years. Technical indicators for the stock are neutral and S&P gives ING a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ING the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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