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General Maritime - GMR - close: 40.83 change: -0.52 stop: 42.01

Company Description:
General Maritime Corporation is a provider of international seaborne crude oil transportation services principally within the Atlantic basin which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. We also currently operate tankers in other regions including the Black Sea and Far East. General Maritime Corporation currently owns and operates a fleet of 47 tankers - 26 Aframax, 17 Suezmax tankers and 4 Suezmax newbuilding contracts - making it the second largest mid-sized tanker company in the world, with a carrying capacity of approximately 5.2 million dwt. (source: company press release)

Why We Like It:
Crude oil tanker stocks and related issues have been in a real funk lately. The onset of a two-day investor conference where many in the industry are set to present, including GMR, has done little to alleviate the bearish trend in these stocks. Although it's possible that any word coming from this investor conference might be a catalyst behind today's very strong volume. Normally we would have thought that the rise in crude oil would be a boon for the GMR but Wall Street doesn't seem to see it that way. Instead the group and shares of GMR have been slowly sinking over the last few months. Now GMR has broken down below its simple and exponential 200-dma, which has brought the stock toward round-number, psychological support at the $40.00 mark. We are suggesting a trigger under the $40.00 level to catch any future breakdown. Our entry point will be $39.90. The Point & Figure chart is bearish and points to a $33.00 target but we are only going to target a drop toward the January lows in the $35.50-36.00 range. 

Picked on June xx at $xx.xx <-- see TRIGGER
Change since picked: - 0.00
Earnings Date 07/25/05 (unconfirmed)
Average Daily Volume: 720 thousand

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