Agnico Eagle Mines (AEM) NewsBite - AEM Sinks on Q3 Loss

Posted: Thursday, October 29, 2009 11:25 AM EDT

Agnico Eagle Mines (NYSE: AEM) opened at $57.97. So far today, the stock has hit a low of $56.01 and a high of $58.77. AEM is now trading at $58.33, down $3.29 (-5.34%). Over the last 52 weeks the stock has ranged from a low of $24.90 to a high of $74.00. Last night AEM reported a third-quarter loss of 11 cents per share. AEM's adjusted profit came in at 3 cents per share, missing analysts' forecasts of 20 cents per share. On the news, Credit Suisse downgraded the stock to Neutral from Outperform. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for AEM. If you are looking for a hedged play on AEM the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 65 range. [ABR-Seven Summits Strategic Investments NewsBite]

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