China Green Agriculture (CGA) NewsBite - Stock Offering Sinks CGA

Posted: Monday, November 23, 2009 11:05 AM EDT
By: Market Intelligence Center Staff

China Green Agriculture (AMEX: CGA) opened at $16.20. So far today, the stock has hit a low of $15.10 and a high of $16.65. CGA is now trading at $15.13, down $2.01 (-11.73%). Over the last 52 weeks the stock has ranged from a low of $2.13 to a high of $17.49. CGA announced this morning that it will offer 1.28 million shares of common stock at $15.60 per share. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for CGA. If you are looking for a hedged play on CGA the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]