Automatic Data Processing (ADP) NewsBite - ADP Downgraded By Janney Montgomery Scott
Posted: Thursday, December 17, 2009 1:29 PM EDT
By: Market Intelligence Center Staff
Automatic Data Processing (ADP) was downgraded today by analysts at Janney Montgomery Scott and the stock is now at $42.13, down $0.76 (-1.77%) on volume of 2,067,454 shares traded. The brokerage reduced ADP to Neutral from Buy. Over the last 52 weeks the stock has ranged from a low of $32.03 to a high of $44.50. Automatic Data Processing stock has been showing support around $42.65 and resistance in the $43.35 range. Technical indicators for the stock are neutral and S&P gives ADP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ADP the stock seems like it could be a candidate for a May out-of-the-money bear-call credit spread above the 47 range. [ABR-Seven Summits Strategic Investments NewsBite]
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