Snap on (SNA) 11/13/09 PriceWatch Alert Down To $33.34 Break Even
Posted: Friday, November 13, 2009 8:10 AM EDT
By: Market Intelligence Center Staff
Snap on (NYSE: SNA) closed yesterday at $37.84. So far the stock has hit a 52-week low of $20.51 and 52-week high of $41.65. Snap on stock has been showing support around 37.15 and resistance in the 39.05 range. Technical indicators for the stock are Bullish and S&P gives SNA a positive 4 STAR (out of 5) buy rating. SNA appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Mar '10 35 covered call (SNA CG) for a net debit in the $33.34 area. That is also the break even stock price for this trade. This covered call has a 127 day duration, provides 11.89% downside protection and a 4.98% assigned return rate for a 14.31% annualized return rate (comparison purposes only). Snap on has a current annual dividend yield of 3.10%. [FBB-Seven Summits Research]
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