AK Steel Holding (AKS) NewsBite - AKS Higher on Upgrade

Posted on Wednesday, July 23, 2008 12:17 PM

AK Steel Holding Corp. (AKS) opened at 51.30. So far today, the stock has hit a low of 48.11 and a high of 52.50. AKS is now trading at 49.71, up 0.51 (0.99%).The stock hit its 52 week high of 73.07 in May and set its 52 week low of 27.90 in August. AKS has been climbing for the past year. Shares of AK Steel Holding have been trading higher today after a J.P. Morgan Securities analyst upgraded the stock to "Overweight" from "Neutral," saying steel prices and domestic producers' profitability are sustainable. The broker also raised his 2008 earnings estimates to $5.04 a share from $4.50. Technical indicators for the stock are bearish and steady while S&P gives AKS a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a September bull-put credit spread below the $32.50 range. AKS stock could fall up to 34.6% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]