Patriot Coal (PCX) NewsBite - PCX Downgraded By UBS

Posted: Thursday, September 17, 2009 1:33 PM EDT

Patriot Coal (PCX) was downgraded today by analysts at UBS and the stock is now at $12.20, down $1.31 (-9.7%) on volume of 6,718,544 shares traded. The analysts downgraded PCX to Neutral from Buy. Over the last 52 weeks the stock has ranged from a low of $2.76 to a high of $39.93. Patriot Coal stock has been showing support around $12.54 and resistance in the $14.60 range. Technical indicators for the stock are bullish 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 bear-call credit spread above the 15 range. [ABR-Seven Summits Strategic Investments NewsBite]

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