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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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October 30, 2014
08:20 EDTANRAlpha Natural back 2014 capital expenditures at $225M-$275M
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08:19 EDTANRAlpha Natural raises 2014 shipment guidance for Eastern coals, maintains PRB
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08:12 EDTANRAlpha Natural says may consider sale of some or all Rice Energy shares
As of the end of the third quarter of 2014, Alpha Natural (ANR) had total liquidity of approximately $2.3B, consisting of cash, cash equivalents and marketable securities of more than $1.3B, which includes approximately 6.4M shares of Rice Energy (RICE) valued at approximately $170M, and more than $0.9B available under the Company's secured credit and accounts receivable securitization facilities. Alpha said, "Rice Energy shares held by Alpha are subject to customary lock-up provisions which expire on November 11, after which we may consider a potential sale of some or all of these shares." Total long-term debt, net of debt discounts, and including the current portion of long-term debt as of September 30, was approximately $3.9B, including approximately $154M of senior convertible notes maturing in 2015.
08:11 EDTANRAlpha Natural continuing to assess Central Appalachian thermal production
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08:09 EDTANRAlpha Natural reports Q3 adjusted EPS (53c), consensus (70c)
Reports Q3 revenue $1.05B, consensus $998.65M. "While coal markets remained extremely challenging in the third quarter, we continue to be proactive by thoughtfully rationalizing our production base, reducing costs and maximizing efficiency. Our continuing cost reduction efforts in the East and other corporate actions are yielding strong results, including multi-year lows in Eastern adjusted cost of coal sales at $61.69 per ton in the third quarter, allowing us to reduce our Eastern cost of coal sales guidance for 2014 by $2.00 to a midpoint of $63.00 per ton. Although costs in the PRB were lower in the third quarter compared to the second quarter, they once again came in above our expectations, primarily due to rail underperformance, which continues to hinder shipment volumes," said Kevin Crutchfield, chairman and CEO.
October 28, 2014
10:45 EDTANR, ACICONSOL rises after acknowledging long-term thermal coal MLP opportunity
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07:49 EDTACIArch Coal maintains targeted sales volume in 2014
For 2014, Arch is maintaining its targeted sales volume range, which reflects the expectation for further improvement in rail service in the Powder River Basin during the fourth quarter. The company also recognizes the potential for some contracted tons in the Powder River Basin to carry over into 2015. Arch has again reduced its 2014 cost guidance range for the Bituminous Thermal segment due to a strong operating performance achieved year-to-date. The company also further reduced its corporate administrative budget, and now projects expenses of between $117 million and $121 million for 2014, representing a $7 million reduction since the start of the year. Additionally, Arch is reducing its capital expenditures for 2014, and now expects to spend between $160 million and $170 million for sustaining capital programs, inclusive of land and reserve additions.
07:49 EDTACIArch Coal believes global coal markets are in early stages of rebalancing
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07:48 EDTACIArch Coal reports total incident rate for nine months in 2014 was 15% better YoY
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07:47 EDTACIArch Coal sees western thermal operations to benefit from improving rali service
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07:46 EDTACIArch Coal reports Q3 adjusted EPS (45c), consensus (41c)
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