Genco Shipping & Trading (GNK) NewsBite - GNK Downgraded By Maxim Group

Posted: Friday, May 08, 2009 2:58 PM EDT

Genco Shipping & Trading (GNK) was downgraded today by analysts at Maxim Group and the stock is now at $19.25, down $1.60 (-7.65%) on volume of 1,492,090 shares traded. The brokerage downgraded the stock to Hold from Buy. 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 $18.11 and resistance in the $25.11 range. Technical indicators for the stock are bullish 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 a June out-of-the-money bear-call credit spread above the 24 range. [ABR-Seven Summits Strategic Investments NewsBite]

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