Mechel (MTL) NewsBite - MTL Downgraded By Credit Suisse

Posted: Monday, December 01, 2008 3:19 PM EDT

Mechel (MTL) was downgraded today by analysts at Credit Suisse and the stock is now at $4.49, down $1.78 (-28.39%) on volume of 3,611,256 shares traded. Credit Suisse downgraded MTL today to Neutral from Outperform. Over the last 52 weeks the stock has ranged from a low of $3.63 in November to a high of $58.66 in May. Mechel stock has been showing support around $4.71 and resistance in the $7.05 range. Technical indicators for the stock are and S&P does not currently have a STARS rating for MTL. If you are looking for a hedged play on MTL the stock seems like it could be a candidate for an April out-of-the-money bear-call credit spread above the 10 range. [ABR-Seven Summits Strategic Investments NewsBite]

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