Altera (ALTR) NewsBite - Altera Reports Better-Than-Expected Profit

Altera Corp. (ALTR) opened at 21.19. So far today, the stock has hit a low of 20.78 and a high of 21.45. ALTR is now trading at 21.75, up 2.54 (11.99%). The stock hit its 52 week high of 26.24 in August and set its 52 week low of 16.21 in January. ALTR has been falling for most of the past year. Altera announced yesterday evening its second-quarter profit jumped almost 22% to $98 million on strong chip sales. The company posted earnings of 32 cents per share on revenue of $359.9 million, while analysts expected a profit of 27 cents per share on $346.7 million in revenue. Technical indicators for the stock are bearish and steady while S&P gives ALTR a neutral 3 STARS (out of 5) hold rating. If you're looking for a hedged play on this stock, consider a December bull-put credit spread below the $17.50 range. ALTR stock could fall up to 19.5% before expiration and this position would still be profitable.

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