Arena Resources (ARD) NewsBite - ARD Downgraded By CapitalOne Southcoast

Posted: Friday, November 06, 2009 1:44 PM EDT

Arena Resources (ARD) was downgraded today by analysts at CapitalOne Southcoast and the stock is now at $42.09, down $0.72 (-1.68%) on volume of 974,308 shares traded. The analysts downgraded the stock to Neutral from Add. Over the last 52 weeks the stock has ranged from a low of $17.63 to a high of $44.25. Arena Resources stock has been showing support around $37.80 and resistance in the $45.84 range. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for ARD. If you are looking for a hedged play on ARD the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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