Novellus Systems (NVLS) NewsBite - NVLS Downgraded By Morgan Stanley
Posted: Tuesday, November 03, 2009 11:12 AM EDT
By: Market Intelligence Center Staff
Novellus Systems (NVLS) was downgraded today by analysts at Morgan Stanley and the stock is now at $19.60, down $1.18 (-5.68%) on volume of 1,814,680 shares traded. The analysts reduced NVLS to Underweight from Equal Weight. Over the last 52 weeks the stock has ranged from a low of $10.26 to a high of $23.17. Novellus Systems stock has been showing support around $20.01 and resistance in the $21.35 range. Technical indicators for the stock are bullish and S&P gives NVLS a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on NVLS the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 22.50 range. [ABR-Seven Summits Strategic Investments NewsBite]
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