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HMO concern Wellpoint Health Networks (WLP – 107-3/4) was among the few and the humble equities that was downgraded by Prudential this morning. Just ahead of the open, the brokerage firm slashed its rating on WLP from a "strong buy" to a "hold."
The stock has dropped nearly seven percent, breaking its long-standing upward trend. The security is now poised to end the session below its 20-day moving average for the first time since September 12. The shares are also experiencing above-average volume on the day. Average daily volume for WLP over the past three months stands at 643,600 shares. With more than two hours left in today's session, 842,700 shares have already changed hands.
On the positive side, WLP remains above its ascending 10-week moving average, which dwells in the 104-105 area. This trendline has supported all weekly closes in the shares since June 23.