Diamond Offshore Drilling (DO) NewsBite - DO Lower Despite Upgrade
Posted: Friday, October 23, 2009 2:47 PM EDT
By: Market Intelligence Center Staff
Diamond Offshore Drilling (NYSE: DO) opened at $108.60. So far today, the stock has hit a low of $105.45 and a high of $108.60. DO is now trading at $105.52, down $1.49 (-1.39%). Over the last 52 weeks the stock has ranged from a low of $53.30 to a high of $108.78. Jesup & Lamont upgraded DO this morning to Buy from Hold. However, shares of the stock are declining, hurt by lower oil futures. Technical indicators for the stock are bullish and S&P gives DO a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on DO the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 120 range. [ABR-Seven Summits Strategic Investments NewsBite]
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