Broker Upgrade Is Not Enough To Send Packaging Corp (PKG) Higher

Posted: Tuesday, November 17, 2009 11:46 AM EDT

Packaging Corp (NYSE: PKG) opened at $19.74. So far today, the stock has hit a low of $19.49 and a high of $19.89. PKG is now trading at $19.60, down $0.28 (-1.41%). The stock hit its 52-Week high of $22.38 last month and set its 52-Week low of $9.66 in March. The stock is moving lower today despite being upgraded before the market opened this morning. EVA Dimensions, LLC upgraded the stock this morning to Hold from Underweight. Technical indicators for the stock are neutral and S&P gives PKG a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on PKG the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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