Patriot Coal (PCX) NewsBite - PCX Upgraded By UBS

Posted: Thursday, July 16, 2009 1:49 PM EDT

Patriot Coal (PCX) was upgraded today by analysts at UBS and the stock is now at $6.78, up $0.65 (10.6%) on volume of 5,515,398 shares traded. The analysts lifted PCX to Buy from Neutral. Over the last 52 weeks the stock has ranged from a low of $2.76 to a high of $71.40. Patriot Coal stock has been showing support around $5.92 and resistance in the $6.34 range. Technical indicators for the stock are bearish 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 December out-of-the-money bull-put credit spread below the 5 range. [ABR-Seven Summits Strategic Investments NewsBite]

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