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UBS (NYSE: UBS - option chain) stock is trading lower today after the Wall Street Journal reported the company plans to issue covered bonds, an instrument previously shunned by Swiss banks. UBS hopes the usage of covered bonds will allow it to refinance residential mortgages that remain on its balance sheet at advantageous terms. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on USB.
This morning, RIG opened at $17.67. So far today the stock has hit a low of $17.05 and a high of $17.97. As of 11:55, UBS is trading at $17.11, down $1.21 (-6.6%). The chart for USB looks neutral and S&P gives UBS a neutral 3 STARS (out of 5) hold ranking.
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