Omnicom Group (OMC) NewsBite - OMC Upgraded By Argus Research Following Q3 Results

Omnicom Group (OMC) was upgraded today by analysts at Argus Research and the stock is now at $36.16, down $0.08 (-0.22%) on volume of 1,088,487 shares traded. Argus Research upgraded the stock today to Buy from Hold after the company posted a 4.7 percent increase in its third-quarter profit. Unfortunately the bank also continues to deal with bad loans, with a 9.4% increase in nonperforming loans. Over the last 52 weeks the stock has ranged from a low of $20.09 in March to a high of $39.11 in earlier this week. Omnicom Group stock has been showing support around $34.97 and resistance in the $38.69 range. Technical indicators for the stock are bearish and S&P gives OMC a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on OMC the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 30 range.

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