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EMC Corporation (NYSE: EMC) shares are rising today after the company announced yesterday evening it bought privately held software company Infra Corp. for an undisclosed amount. The company also made a $3.25 per share takeover offer for Iomega Corp. (NYSE: IOM) yesterday, but it was rejected. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on EMC.
After hitting a one-year low of $12.74 in March, the stock hit a one-year high of $25.47 in October, but has moved lower since then. EMC opened this morning at $15.00. So far today the stock has hit a low of $14.76 and a high of $15.04. As of 12:25, EMC is trading at $14.86, up $0.16 (1.0%). The chart for EMC looks neutral and steady while S&P gives EMC a very positive 5 STARS (out of 5) strong buy rating.
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