Genco Shipping & Trading (GNK) NewsBite - GNK Jumps on Higher Dry Bulk Rates

Posted: Friday, January 02, 2009 10:12 AM EDT

Genco Shipping & Trading (NYSE: GNK) opened at $15.49. So far today, the stock has hit a low of $14.80 and a high of $16.88. GNK is now trading at $16.33, up $1.53 (10.34%). Over the last 52 weeks the stock has ranged from a low of $6.43 to a high of $84.51. GNK shares are rising with other shippers this morning, helped by a rise in the Baltic Dry Index. 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 an April out-of-the-money bull-put credit spread below the 5 range. [ABR-Seven Summits Strategic Investments NewsBite]

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