Cosco: Cosco (Zhoushan), a subsidiary of the co’s 51% owned Cosco Shipyard Group, has secured a US$26m contract from a SE Asian co to build one 32k dwt semi-sub barge. Delivery is scheduled for 2Q12.
Stock has a mix of Street ratings, with wide TP ranging btwn $1.57-2.86...
Technically, stock may see a rebound in the near term, with negative divergence appearing on the RSI and MACD histogram since mid-May. Hooking up of the fast-Stochastic from current oversold levels should provide further confirmation for a bounce. Near term support at $1.80, resistance at $2.
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