Cemex (CX) NewsBite - CX Downgraded By Citigroup

Posted on Thursday, October 09, 2008 2:09 PM

Cemex (CX) was downgraded today by analysts at Citigroup and the stock is now at $8.15, down $1.97 (-19.47%) on volume of 17,409,634 shares traded. The brokerage downgraded CX to "Hold" from "Buy" and lowered its price target on the stock to $13 from $31. Over the last 52 weeks the stock has ranged from a low of $9.51 to a high of $33.40. Cemex stock has been showing support around $8.34 and resistance in the $12.46 range. Technical indicators for the stock are bearish and S&P does not currently have a STARS rating for CX. If you are looking for a hedged play on CX the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 10 range. [ABR-Seven Summits Strategic Investments NewsBite]