When leading metals and mining giant BHP Billiton Ltd. (NYSE:BHP) announced that it will split into two separate companies Tuesday, its shares took a hit. Generally, this type of news would be beneficial to shareholders, but that's not the case with BHP.
Support
By mid-day Tuesday, the stock was trading lower by $2.70 to $70.06 a share. Traders should now watch the $69.25 area for intra-day support, a level where the stock is likely to find institutional support. Day traders should note that this support level was a break-out point in early July, so traders could expect the stock to bounce around this area.
