Altera (ALTR) NewsBite - ALTR Downgraded By Morgan Stanley

Posted: Tuesday, November 03, 2009 1:27 PM EDT

Altera (ALTR) was downgraded today by analysts at Morgan Stanley and the stock is now at $19.51, down $0.41 (-2.06%) on volume of 4,371,662 shares traded. The analysts downgraded ALTR to Equal Weight from Overweight. Over the last 52 weeks the stock has ranged from a low of $12.99 to a high of $22.15. Altera stock has been showing support around $19.32 and resistance in the $20.36 range. Technical indicators for the stock are bullish and S&P gives ALTR a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on ALTR 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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