Chevron (CVX) NewsBite - CVX Trading Lower Following Revenue Drop

Posted: Friday, October 30, 2009 12:22 PM EDT

Chevron (NYSE: CVX) opened at $78.25. So far today, the stock has hit a low of $76.06 and a high of $78.47. CVX is now trading at $76.23, down $1.72 (-2.21%). The stock hit its 52-Week high of $81.92 in December and set its 52-Week low of $56.12 in March. Chevron is trading lower today after the company beat analyst estimates for earnings this morning, but posted a 41% drop in revenues. Technical indicators for the stock are bullish and S&P gives CVX a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on CVX the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 65 range. [ABR-Seven Summits Strategic Investments NewsBite]

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