Baker Hughes (BHI) NewsBite - BHI Downgraded By Howard Weil

Posted: Thursday, November 12, 2009 2:05 PM EDT

Baker Hughes (BHI) was downgraded today by analysts at Howard Weil and the stock is now at $41.72, down $1.50 (-3.47%) on volume of 3,111,575 shares traded. The analysts reduced BHI to Market Perform from Market Outperform. Over the last 52 weeks the stock has ranged from a low of $24.40 to a high of $48.19. Baker Hughes stock has been showing support around $42.37 and resistance in the $43.97 range. Technical indicators for the stock are neutral and S&P gives BHI a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on BHI the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 46 range. [ABR-Seven Summits Strategic Investments NewsBite]

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