Genco Shipping & Trading (GNK) NewsBite - GNK Upgraded By Oppenheimer

Posted: Thursday, March 05, 2009 9:55 AM EDT

Genco Shipping & Trading (GNK) was upgraded today by analysts at Oppenheimer and the stock is now at $10.65, down $.38 (-3.45%) on volume of 279,680 shares traded. The brokerage upped GNK to Outperform from Perform. Over the last 52 weeks the stock has ranged from a low of $6.43 to a high of $84.51. Genco Shipping & Trading stock has been showing support around $9.34 and resistance in the $12.20 range. 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 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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