Sun Microsystems (JAVA) NewsBite - JAVA Falls on EU Objection to Oracle Deal

Posted: Wednesday, November 04, 2009 10:01 AM EDT

Sun Microsystems (NasdaqNM: JAVA) opened at $8.20. So far today, the stock has hit a low of $8.20 and a high of $8.27. JAVA is now trading at $8.24, down $0.12 (-1.38%). Over the last 52 weeks the stock has ranged from a low of $2.60 to a high of $9.37. JAVA shares are declining this morning on news that European regulators may issue an official statement of objections to Oracle Corp.'s (ORCL) planned buyout of the company. According to The Financial Times, Oracle has refused to offer any concessions to European regulators regarding their concerns about the deal. This could be a bad sign for JAVA. Technical indicators for the stock are neutral and S&P gives JAVA a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on JAVA the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 9 range. [ABR-Seven Summits Strategic Investments NewsBite]

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