Fifth Third Bancorp (FITB) NewsBite - FITB Downgraded By Rochdale Securities

Posted: Monday, October 26, 2009 1:35 PM EDT

Fifth Third Bancorp (FITB) was downgraded today by analysts at Rochdale Securities and the stock is now at $9.71, down $0.64 (-6.14%) on volume of 18,629,544 shares traded. The analysts reduced FITB to Sell from Neutral. Over the last 52 weeks the stock has ranged from a low of $1.01 to a high of $12.95. Fifth Third Bancorp stock has been showing support around $9.85 and resistance in the $11.15 range. Technical indicators for the stock are neutral and S&P gives FITB a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on FITB the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 11 range. [ABR-Seven Summits Strategic Investments NewsBite]

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