OFFICEMAX REMOVED FROM S&P 500

[Anonymous]

http://www.marketintelligencecenter.com/articles/634104
OfficeMax Removed From S&P 500
OfficeMax
Inc. (OMX) opened at 17.53. So far today, the stock has hit a low of
17.04 and a high of 17.53. OMX is now trading at 17.38, down 0.72
(-4.11%). The stock hit its 52 week high of 42.46 in June and set its
52 week low of 17.04 today. OMX has been moving downwards for the past
year. Shares of office-supply retailer OfficeMax have been tumbling
after a Credit Suisse analyst downgraded the stock to “Neutral” from
“Outperform” and cut his price target by $5 to $20. The broker cited
news that Standard & Poor’s removed the company from the S&P
500 index. Technical indicators for the stock are bullish but
deteriorating while S&P gives OMX 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 $20 range. OMX stock could
rise up to 15.1% before expiration and this position would still be
profitable.

[Author]

June 18, 2008 at 11:12 AM