Covance (CVD) 11/3/09 PriceWatch Alert Support Down To $50.94
Posted: Tuesday, November 03, 2009 8:43 AM EDT
By: Market Intelligence Center Staff
Covance (NYSE: CVD) closed yesterday at $52.61. So far the stock has hit a 52-week low of $31.43 and 52-week high of $60.27. Covance stock has been showing support around 50.94 and resistance in the 54.06 range. Technical indicators for the stock are Bearish and S&P gives CVD a positive 4 STAR (out of 5) buy rating. CVD appears on the Investors Observer Momentum Plays list. For a hedged play on this stock, look at a Jan '10 55 covered call (CVD AK) for a net debit in the $50.81 area. That is also the break even stock price for this trade. This covered call has a 74 day duration, provides 3.42% downside protection and an 8.25% assigned return rate for a 40.67% annualized return rate (comparison purposes only). Covance does not pay dividends at this time. [ATU-Seven Summits Research]
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