Mirant (NYSE: MIR) NewsBite - Mirant Up on Optimistic Outlook

Posted on Friday, August 08, 2008 10:16 AM

Mirant (NYSE: MIR) opened at $29.09. So far today, the stock has hit a low of $28.95 and a high of $29.60. MIR is now trading at $29.35, up $.94 (3.29%). The stock hit its 52-Week high of $44.61 in October and set its 52-Week low of $28.02 in August. Mirant announced today it swung to a second-quarter loss of $783 million on unrealized losses principally on hedges. The company posted adjusted earnings of 29 cents a share, while analysts expected earnings of 56 cents per share. Mirant also raised its outlook for the fiscal years 2008 and 2009. Technical indicators for the stock are bullish and S&P gives MIR a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on MIR the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 27.50 range. [ABR-Seven Summits Strategic Investments NewsBite]