Apartment Investment and Mortgage (AIV) NewsBite - Downgrade Drags Down AIV

Monday, August 04, 2008 1:21 PM EDT

Apartment Investment and Mortgage (AIV) was downgraded today by analysts at BMO Capital and the stock is now at $35.34, down $.27 (-0.76%) on volume of 795,647 shares traded. The brokerage slashed his rating on the stock from Market Perform to Underperform. Over the last 52 weeks the stock has ranged from a low of $29.91 in January to a high of $49.15 in October. Apartment Investment and Mortgage stock has been showing support around $32.90 and resistance in the $39.52 range. Technical indicators for the stock are bearish and S&P gives AIV a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on AIV the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 40 range. [ABR-Seven Summits Strategic Investments NewsBite]

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