Patriot Coal (PCX) NewsBite - PCX Jumps on Q3 Profit

Posted: Tuesday, October 27, 2009 1:58 PM EDT

Patriot Coal (NYSE: PCX) opened at $11.76. So far today, the stock has hit a low of $11.60 and a high of $14.07. PCX is now trading at $13.56, up $2.37 (21.18%). Over the last 52 weeks the stock has ranged from a low of $2.76 to a high of $17.77. PCX reported earnings this morning, posting a third-quarter profit of $52.8 million, or 58 cents per share, helped by a 50 percent gain in metallurgical coal shipments. 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 bull-put credit spread below the 11 range. [ABR-Seven Summits Strategic Investments NewsBite]

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