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Stock Market & Financial Investment News

News Breaks
March 25, 2014
10:52 EDTANR, ACIAlpha Natural, Arch Coal retreat after analyst downgrades
Two stocks declining despite today's market rally are coal miners Alpha Natural (ANR) and Arch Coal (ACI), which were both downgraded to Hold from Buy by research firm Jefferies. WHAT'S NEW: Alpha Natural and Arch Coal would both be significantly hurt by another large decline in natural gas prices, wrote Jefferies analyst Peter Ward in a note to investors earlier today. Natural gas prices could take another major hit, the analyst believes, while metallurgical coal prices are unlikely to spike higher, as they have in the past, Ward warned. He called the current price action in metallurgical coal "sluggish." WHAT'S NOTABLE: Bank of America Merrill Lynch recently cut its estimates and price targets on several coal miners, including Arch Coal and Alpha Natural. It also slashed its price target on another name in the sector, Walter Energy (WLT), to $2 from $8. The firm cited sinking met coal prices, oversupply, and falling marginal costs as reasons for its changes. Bank of America Merrill kept Underperform ratings on Arch Coal, Alpha Natural, and Walter Energy when it issued its note on March 20. PRICE ACTION: In mid-morning trading, Arch coal sank 3.6% to $4.50, while Alpha Natural fell 2.6% to $4.40.
News For ANR;ACI From The Last 14 Days
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July 31, 2014
17:19 EDTANRAlpha Natural announces plans to downsize West Virginia mining operations
Eight operating affiliates of Alpha Natural Resources have notified their employees late this afternoon that the coal mines and other facilities where they work are subject to being idled due to sustained weak market conditions and government regulations that have challenged the entire Central Appalachian mining industry. In accordance with requirements of the Worker Adjustment and Retraining Notification Act, notice has been given today to approximately 1,100 employees at 11 Alpha affiliated surface mines in West Virginia, as well as preparation plants and other support operations, advising them of the expected idling of those facilities based on Alpha's current assessment of market conditions. While no reductions in force are occurring immediately at these sites, they are currently planned to take place by mid-October.
July 29, 2014
07:46 EDTACIArch Coal reports Q2 adj. EPS (46c), consensus (49c)
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July 21, 2014
16:19 EDTACIArch Coal idles Cumberland River coal complex, eliminates 213 full-time jobs
Arch Coal announced that it is idling the Cumberland River Coal Company complex. The Cumberland River complex comprises two underground operations and related facilities. 213 full-time positions will be eliminated by idling Cumberland River. "With this move, we are actively responding to currently challenged metallurgical coal markets while striving to enhance our overall competitive cost position in Appalachia," said John Eaves, Arch's president and CEO. "Our strategy is to increasingly shift our portfolio toward higher-margin, lower-cost metallurgical coal operations, while retaining our valuable reserves for when market conditions strengthen in the future."

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