Patriot Coal (PCX) NewsBite - PCX Downgraded By Friedman, Billings & Ramsey

Posted: Wednesday, October 22, 2008 2:04 PM EDT

Patriot Coal (PCX) was downgraded today by analysts at Friedman, Billings & Ramsey and the stock is now at $14.45, down $4.20 (-22.52%) on volume of 2,923,239 shares traded. The analyst downgraded the stock to "Market Perform" from "Outperform." Over the last 52 weeks the stock has ranged from a low of $12.02 to a high of $82.22. Patriot Coal stock has been showing support around $15.92 and resistance in the $21.62 range. Technical indicators for the stock are bearish and S&P does not currently have a STARS rating for PCX. If you are looking for a hedged play on PCX the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

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