AmerisourceBergen (ABC) NewsBite - ABC Hits 52-Week High On Strong Earnings

Posted: Tuesday, November 03, 2009 12:32 PM EDT

AmerisourceBergen (NYSE: ABC) hit a new 52-Week high of $24.00 so far today. Currently the stock is up $.54 (2.4%) to $23.05 on 2,234,734 shares traded. Today's high is up $9.72 from a 52-Week Low of $13.33. AmerisourceBergen stock has been showing support around $21.81 and resistance in the $23.03 range. Technical indicators for the stock are bullish and S&P gives ABC a positive 4 STARS (out of 5) buy ranking. The stock rose to a new 52 week high today after the company reported better than expected earnings. Analysts were expecting to see 40 cents per share for the company's fourth quarter, but actual earnings came in at 44 cents. If you are looking for a hedged play on ABC the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

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