Genco Shipping & Trading (GNK) NewsBite - GNK Upgraded By Dahlman Rose

Posted: Tuesday, May 19, 2009 10:52 AM EDT

Genco Shipping & Trading (GNK) was upgraded today by analysts at Dahlman Rose and the stock is now at $20.14, up $1.30 (6.9%) on volume of 889,047 shares traded. The brokerage upped GNK to Buy from Hold. Over the last 52 weeks the stock has ranged from a low of $6.43 to a high of $82.90. Genco Shipping & Trading stock has been showing support around $17.79 and resistance in the $19.71 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 bull-put credit spread below the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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