HSBC PLC (HBC) NewsBite - HBC Downgraded By Citigroup

Posted: Monday, October 26, 2009 1:21 PM EDT

HSBC PLC (HBC) was downgraded today by analysts at Citigroup and the stock is now at $56.39, down $0.82 (-1.43%) on volume of 2,074,736 shares traded. The analysts downgraded the stock to Hold from Buy. Over the last 52 weeks the stock has ranged from a low of $22.89 to a high of $64.77. HSBC PLC stock has been showing support around $56.04 and resistance in the $58.80 range. Technical indicators for the stock are neutral and S&P gives HBC a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on HBC the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 65 range. [ABR-Seven Summits Strategic Investments NewsBite]

Click Symbol For More News On: (HBC)