Eagle Bulk Shipping (EGLE) NewsBite - EGLE Falls on Sell Rating

Posted: Thursday, October 01, 2009 1:23 PM EDT

Eagle Bulk Shipping (NasdaqNM: EGLE) opened at $5.11. So far today, the stock has hit a low of $5.05 and a high of $5.20. EGLE is now trading at $5.10, down $0.04 (-0.68%). Over the last 52 weeks the stock has ranged from a low of $2.55 to a high of $14.20. EGLE shares are declining today after analysts at Deutsche Securities initiated the stock at Sell with a $3 price target. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for EGLE. If you are looking for a hedged play on EGLE the stock seems like it could be a candidate for a March out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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