Magna (MGA) NewsBite - One of Today's Top Gainers

Posted: Friday, November 06, 2009 2:59 PM EDT

Magna (MGA) leads the list of top gainers so far today and is now at $50.23, up $6.03 (13.64%) on volume of 3,826,095 shares traded. Over the last 52 weeks the stock has ranged from a low of $19.63 to a high of $51.96. Magna stock has been showing support around $42.71 and resistance in the $45.29 range. Technical indicators for the stock are bullish and S&P gives MGA a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on MGA the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 45 range. [ABR-Seven Summits Strategic Investments NewsBite]

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