Wells Fargo (WFC) NewsBite - WFC Falls on Unemployment Report
Posted: Friday, November 06, 2009 9:53 AM EDT
By: Market Intelligence Center Staff
Wells Fargo (NYSE: WFC) opened at $26.72. So far today, the stock has hit a low of $26.58 and a high of $26.80. WFC is now trading at $26.71, down $0.56 (-2.05%). Over the last 52 weeks the stock has ranged from a low of $7.80 to a high of $32.76. Shares of WFC are declining with the rest of the market this morning after a worse-than-expected unemployment report reignited investors' fears of a sluggish economic recovery. The Labor Department said the unemployment rate rose to 10.2 percent in October, worse than the 9.9 percent forecast by economists. Technical indicators for the stock are neutral and S&P gives WFC a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on WFC the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 32.50 range. [ABR-Seven Summits Strategic Investments NewsBite]
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