Eagle Bulk Shipping (EGLE) NewsBite - EGLE Downgraded By JP Morgan

Posted: Thursday, November 20, 2008 2:17 PM EDT

Eagle Bulk Shipping (EGLE) was downgraded today by analysts at JP Morgan and the stock is now at $4.35, down $2.10 (-32.56%) on volume of 2,948,635 shares traded. The brokerage downgraded the stock to "Underweight" from "Overweight." Over the last 52 weeks the stock has ranged from a low of $5.50 to a high of $36.24. Eagle Bulk Shipping stock has been showing support around $5.23 and resistance in the $8.25 range. Technical indicators for the stock are neutral and S&P does not currently have a STARS rating for EGLE. If you are looking for a hedged play on EGLE the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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