Progressive (PGR) 11/3/09 PriceWatch Alert At $14.09 Break Even

Posted: Tuesday, November 03, 2009 8:45 AM EDT

Progressive (NYSE: PGR) closed yesterday at $16.24. So far the stock has hit a 52-week low of $9.76 and 52-week high of $17.50. Progressive stock has been showing support around 15.65 and resistance in the 16.83 range. Technical indicators for the stock are Bearish and S&P gives PGR a neutral 3 STAR (out of 5) hold rating. PGR appears on the Investors Observer Volume Leaders list. For a hedged play on this stock, look at a May '10 15 covered call (PGR EC) for a net debit in the $14.09 area. That is also the break even stock price for this trade. This covered call has a 200 day duration, provides 13.24% downside protection and a 6.46% assigned return rate for an 11.79% annualized return rate (comparison purposes only). Progressive does not pay dividends at this time. [ATU-Seven Summits Research]

Click Symbol For More News On: (PGR)