Polycom (PLCM) NewsBite – PLCM Hits 52-Week High on Earnings

Polycom (NASDAQ: PLCM) hit a new 52-Week high of $60.19 so far today. PLCM reported earnings Thursday evening, posting a fiscal-Q1 profit of 48 cents per share on revenue of $344 million. Analysts had forecast a profit of 42 cents per share on revenue of $338 million. Currently the stock is up $6.70 (12.9%) to $58.60 on 3,048,456 shares traded. Today’s high is up $33.22 from a 52-Week Low of $25.38. Polycom stock has been showing support around $49.28 and resistance in the $53.40 range. Technical indicators for the stock are neutral and S&P gives PLCM a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on PLCM the stock seems like it could be a candidate for a June out-of-the-money bull-put credit spread below the 52.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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