Energy East (EAS) NewsBite - Energy East Rises on Upgrade

Posted on Wednesday, July 23, 2008 12:54 PM

Energy East Corp. (EAS) opened at 24.63. So far today, the stock has hit a low of 24.63 and a high of 25.14. EAS is now trading at 24.92, up 0.52 (2.11%). The stock hit its 52 week high of 27.90 in November and set its 52 week low of 22.26 in April. EAS fell at the beginning of this year, but has been trading with volatility recently. Shares of Energy East have been rallying today as a Jefferies & Co analyst lifted his rating on the stock to "Buy" from "Hold" based on valuation. Technical indicators for the stock are bullish but slightly deteriorating while S&P gives EAS a neutral 3 STARS (out of 5) hold rating. If you are looking for a hedged play on this stock, consider a September covered call at the $25 level. That stock would have to drop by more than 6.2% before we would start to lose money. [RHF - Seven Summits Strategic Investments]