Kirby (KEX) NewsBite - Kirby Profit Rises 21% on Higher Sales

Kirby Corp (KEX) opened at 51.09. So far today, the stock has hit a low of 47.27 and a high of 51.09. KEX is now trading at 49.44, up 3.43 (6.71%). The stock hit its 52 week high of 61.65 in May and set its 52 week low of 35.68 in August. KEX has been rising for most of the past year. Kirby announced yesterday evening its second-quarter profit jumped 21% to $40.3 million higher revenues. The company posted earnings of $0.74 per share on revenue of $348.3 million, while analysts predicted earnings of $0.73 per share on $324.14 million in revenue. Kirby also raised its fiscal year 2008 forecast Technical indicators for the stock are bearish and steady while S&P gives KEX a positive 4 STARS (out of 5) buy rating. If you're looking for a hedged play on this stock, consider a September bull-put credit spread below the $45 range. KEX stock could fall up to 9% before expiration and this position would still be profitable.

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