Patriot Coal (PCX) NewsBite - PCX Lower on Earnings

Posted: Tuesday, February 10, 2009 10:55 AM EDT

Patriot Coal (NYSE: PCX) opened at $6.18. So far today, the stock has hit a low of $5.55 and a high of $6.45. PCX is now trading at $5.66, down $.11 (-1.91%). Over the last 52 weeks the stock has ranged from a low of $4.66 to a high of $82.22. PCX reported a fourth-quarter profit this morning of $65.1 million, or 85 cents per share, on revenue of $541 million. Excluding one-time items, PCX lost 82 cents per share. Analysts had forecast a loss of 69 cents per share on revenue of $505.9 million. Technical indicators for the stock are neutral 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 March out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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