Watson Pharmaceutical (WPI) NewsBite - WPI Tumbles on Bernanke's Comments

Watson Pharmaceutical Inc. (WPI) opened at 30.31. So far today, the stock has hit a low of 29.38 and a high of 30.58.

WPI is now trading at 29.23, down 1.29 (-4.26%). The stock hit its 52 week high of 33.91 in July and set its 52 week low of 23.90 in January. WPI fell during the second half of 2007, but has been stronger this year.

Shares of Watson Pharmaceutical have been tumbling today with other drug producers after Federal Reserve Chairman Ben Bernanke warned Congress that a recession may be looming. Technical indicators for the stock are bullish and steady while S&P gives WPI a positive 4 STARS (out of 5) buy rating.

If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $35 range. WPI stock could rise up to 19.7% before expiration and this position would still be profitable.

Source : www.marketintelligencecenter.com

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