Since posting a two-year high of $37.00 on February 27th, shares of CTX have dropped close to 12% to reach $32.60 in early trade today.
Much of this down move has been in response to its full year results, which saw operating profits only marginally rise above their guidance.
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We sold the May $36.00 calls for shareholders on February 28th for $1.00.
Those calls are worth about 35 cents today and investors will get paid the 61 cent dividend.
We don’t currently have a buy signal for CTX. However, based on the recent price action above the key support area of $31.50, we expect to see one soon.
CalTex
