Microchip Technology (MCHP) 11/3/09 PriceWatch Alert Support At Around $23.41
Posted: Tuesday, November 03, 2009 8:46 AM EDT
By: Market Intelligence Center Staff
Microchip Technology (NasdaqNM: MCHP) closed yesterday at $24.09. So far the stock has hit a 52-week low of $16.23 and 52-week high of $28.11. Microchip Technology stock has been showing support around 23.41 and resistance in the 24.67 range. Technical indicators for the stock are Bearish and S&P gives MCHP a very positive 5 STAR (out of 5) strong buy rating. MCHP appears on the Investors Observer Volume Leaders list. For a hedged play on this stock, look at an Apr '10 22.50 covered call (QMT DX) for a net debit in the $21.39 area. That is also the break even stock price for this trade. This covered call has a 165 day duration, provides 11.21% downside protection and a 5.19% assigned return rate for an 11.48% annualized return rate (comparison purposes only). Microchip Technology has a current annual dividend yield of 5.45%. [ATU-Seven Summits Research]
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