Vale (VALE) NewsBite - Strong Dollar Pulls Down VALE
Posted: Tuesday, November 03, 2009 9:59 AM EDT
By: Market Intelligence Center Staff
Vale (NYSE: VALE) opened at $24.97. So far today, the stock has hit a low of $24.95 and a high of $25.45. VALE is now trading at $25.30, down $0.81 (-3.08%). Over the last 52 weeks the stock has ranged from a low of $8.80 to a high of $28.20. VALE shares are falling with other mining companies this morning as a strengthening dollar has pulled down most metal prices. VALE is also under pressure from comments by a senior official at the China Iron and Steel Association, who said that the upside for iron ore prices is small in the near term. Technical indicators for the stock are bearish and S&P gives VALE a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on VALE the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 30 range. [ABR-Seven Summits Strategic Investments NewsBite]
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