Gerdau Ameristeel (GNA) NewsBite - GNA Upgraded By Longbow

Posted: Friday, November 06, 2009 1:58 PM EDT

Gerdau Ameristeel (GNA) was upgraded today by analysts at Longbow and the stock is now at $7.91, up $0.01 (0.13%) on volume of 1,217,286 shares traded. The analysts upped the stock to Neutral from Sell. Over the last 52 weeks the stock has ranged from a low of $2.85 to a high of $9.02. Gerdau Ameristeel stock has been showing support around $7.11 and resistance in the $8.35 range. Technical indicators for the stock are neutral and S&P gives GNA a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on GNA the stock seems like it could be a candidate for a June covered call above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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