CVS Caremark (CVS) NewsBite - CVS Moving Higher Following Yesterday's Better Than Expected Earnings

Posted: Friday, November 06, 2009 1:52 PM EDT

CVS Caremark (NYSE: CVS) opened at $29.02. So far today, the stock has hit a low of $28.87 and a high of $30.03. CVS is now trading at $29.61, up $.74 (2.56%). The stock hit its 52-Week high of $38.27 last month and set its 52-Week low of $23.19 last November. The stock is moving higher today on the heels of yesterday's better than expected earnings report. Analysts had been expecting to see the company report Q3 earnings of 64 cents per share, but the company surprised to the upside with 71 cents for the quarter. Technical indicators for the stock are bullish and S&P gives CVS a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on CVS the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]

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