Rio Tinto PLC (RTP) Falls After Being Downgraded By Credit Suisse

Posted: Friday, November 20, 2009 1:39 PM EDT

Rio Tinto PLC (RTP) was downgraded today by analysts at Credit Suisse and the stock is now at $209.76, down $4.09 (-1.91%) on volume of 506,827 shares traded. The analysts downgraded RTP to Underperform from Neutral. Over the last 52 weeks the stock has ranged from a low of $59.20 to a high of $223.75. Rio Tinto PLC stock has been showing support around $208.47 and resistance in the $218.89 range. Technical indicators for the stock are neutral and S&P gives RTP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on RTP the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 240 range. [ABR-Seven Summits Strategic Investments NewsBite]

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