AK Steel (AKS) NewsBite - Downgrade Sinks AKS

Posted on Monday, August 04, 2008 1:35 PM
AK Steel (AKS) was downgraded today by analysts at Longbow and the stock is now at $56.39, down $3.67 (-6.11%) on volume of 3,556,144 shares traded. The brokerage downgraded the stock to "Neutral" from "Buy." Over the last 52 weeks the stock has ranged from a low of $27.90 in August to a high of $73.07 in May. AK Steel stock has been showing support around $57.26 and resistance in the $65.14 range. Technical indicators for the stock are neutral and S&P gives AKS a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on AKS the stock seems like it could be a candidate for an August out-of-the-money bear-call credit spread above the 70 range. [ABR-Seven Summits Strategic Investments NewsBite]
Stocks To Watch Today: MS, PBR, GM, F, MRK, BTU, NEM, BJ, PRU, UNP, TEVA, ACE (Click Symbol For Latest News)

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