Genco Shipping & Trading (GNK) NewsBite - Downgrade Sinks GNK

Friday, September 05, 2008 2:28 PM EDT

Genco Shipping & Trading (GNK) was downgraded today by analysts at Lazard Capital and the stock is now at $46.29, down $4.71 (-9.24%) on volume of 1,347,065 shares traded. The brokerage firm downgraded the stock to "Hold" from "Buy." Over the last 52 weeks the stock has ranged from a low of $33.39 in January to a high of $84.51 in May. Genco Shipping & Trading stock has been showing support around $47.43 and resistance in the $55.07 range. Technical indicators for the stock are neutral and S&P does not currently have a STARS rating for GNK. If you are looking for a hedged play on GNK the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 55 range. [ABR-Seven Summits Strategic Investments NewsBite]

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