Eastman Chemical (EMN) 10/29/09 PriceWatch Alert With Support Around $50.90
Posted: Thursday, October 29, 2009 8:24 AM EDT
By: Market Intelligence Center Staff
Eastman Chemical (NYSE: EMN) closed yesterday at $52.87. So far the stock has hit a 52-week low of $17.76 and 52-week high of $57.89. Eastman Chemical stock has been showing support around 50.90 and resistance in the 56.68 range. Technical indicators for the stock are Neutral and S&P gives EMN a positive 4 STAR (out of 5) buy rating. EMN appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Dec '09 50 covered call (EMN LJ) for a net debit in the $48.37 area. That is also the break even stock price for this trade. This covered call has a 51 day duration, provides 8.51% downside protection and a 3.37% assigned return rate for a 24.12% annualized return rate (comparison purposes only). Eastman Chemical has a current annual dividend yield of 3.20%. [THA-Seven Summits Research]
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