Avery Dennison (AVY) 11/6/09 PriceWatch Alert Bullish Price Movement
Posted: Friday, November 06, 2009 8:31 AM EDT
By: Market Intelligence Center Staff
Avery Dennison (NYSE: AVY) closed yesterday at $37.54. So far the stock has hit a 52-week low of $17.02 and 52-week high of $39.12. Avery Dennison stock has been showing support around 36.16 and resistance in the 38.26 range. Technical indicators for the stock are Bullish and S&P gives AVY a neutral 3 STAR (out of 5) hold rating. AVY appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at an Apr '10 35 covered call (AVY DG) for a net debit in the $33.64 area. That is also the break even stock price for this trade. This covered call has a 162 day duration, provides 10.39% downside protection and a 4.04% assigned return rate for a 9.11% annualized return rate (comparison purposes only). Avery Dennison has a current annual dividend yield of 2.18%. [FBB-Seven Summits Research]
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