Mirant (MIR) NewsBite - Downgrade Drags Down Mirant

Posted on Wednesday, July 23, 2008 1:21 PM

Mirant Corp. (MIR) opened at 34.01. So far today, the stock has hit a low of 30.90 and a high of 34.10. MIR is now trading at 31.59, down 3.07 (-9.03%). The stock hit its 52 week high of 44.61 in October and set its 52 week low of 30.90 today. MIR has been generally down for the past year. Shares of Mirant have been taking a hit after a Lehman Brothers analyst slashed his rating on the stock to "Equal-Weight" from "Overweight." Technical indicators for the stock are bearish and steady while S&P gives MIR a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a September bear-call credit spread above the $40 range. MIR stock could rise up to 26.6% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]