Ashland (ASH) NewsBite - ASH Falls 2% on Downgrade Posted: Thursday, December 23, 2010 10:49 AM EDT
Ashland (NYSE: ASH) opened at $52.22. So far today, the stock has hit a low of $51.18 and a high of $52.60. ASH is now trading at $52.05, down $1.11 (-2.09%). Over the last 52 weeks the stock has ranged from a low of $38.64 to a high of $63.73. ASH shares were downgraded at Longbow this morning to Neutral from Buy. Technical indicators for the stock are bullish and S&P gives ASH a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on ASH the stock seems like it could be a candidate for a February out-of-the-money bear-call credit spread above the 60 range. [ABR-Seven Summits Strategic Investments NewsBite]
I agree with you 100 %.looking at the history of longbow down grade of Ash i think it time to buy. Oct 29, 2009 ASH was $35 and longbow downgraded from buy the hold and the following six month ASH reached $63 almost doubled. In April 28 2010 Longbow upgraded ASH to buy and the ASH dropped below $50. I really do not how these rating firms make their money. To down grade anything at the last week of the year is very bad.