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Stock Market & Financial Investment News

News Breaks
December 14, 2012
17:08 EDTCNXCONSOL Energy to lay off 147 workers
CONSOL Energy has issued notice under the Worker Adjustment and Retraining Notification Act of its intent to complete the idle of its Fola operations near Bickmore, W. Va., resulting in a layoff of 131 surface and office employees and 16 employees at the company's Little Eagle Deep Mine. The layoffs will occur during a 14-day period beginning at 12:01 a.m., on February 14, 2013. Employees were officially briefed on the situation on December 14. CONSOL Energy attributed this WARN notice to the expected February completion of coal processing and shipping from its preparation plant and recovery of equipment and infrastructure from the Little Eagle Deep Mine. CONSOL Energy anticipates that accelerated reclamation work will continue through mid-summer. Earlier this year, the company announced it would lay-off 318 employees and reassigned the remaining 147 employees from mining to reclamation work. The only coal produced through that transition occurred on the surface and was incidental to reclamation. A combination of market conditions and increasing pressure from the Environmental Protection Agency, which resulted in both increased costs of surface mining and significant uncertainty for the company's power generation customers related to the continued use of Central Appalachian coal were cited as reasons for the idling.
News For CNX From The Last 14 Days
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July 2, 2015
05:48 EDTCNXStocks with implied volatility movement; BTU CNX
Stocks with implied volatility movement; Peabody (BTU) 147, CONSOL (CNX) 58 according to iVolatility.
June 30, 2015
06:09 EDTCNXCONSOL implied volatility of 49 at upper end of index
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June 29, 2015
13:47 EDTCNXSupreme court ruling could shift thermal coal sentiment, says Morgan Stanley
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10:51 EDTCNXSupreme Court overrules EPA regulations on power plant pollution, The Hill says
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10:41 EDTCNXSupreme court rules EPA unlawful with power plant pollution rules, Reuters says
Publicly traded companies in the coal space include Alliance Resource Partners (ARLP), Alpha Natural (ANR), Arch Coal (ACI), CONSOL (CNX), Cloud Peak (CLD), Peabody (BTU) and Walter Energy (WLT).
June 26, 2015
11:08 EDTCNXPeabody plunges after Moody's lowers credit rating
Shares of coal miner Peabody (BTU) are lower in late morning trading after Moody's Investors Service downgraded the company's credit rating last night. WHAT'S NEW: Moody's Investors Service downgraded the ratings of Peabody, including the corporate family rating, to B3 from B2, probability of default rating to B3-PD from B2-PD. The firm noted that the outlook is negative. Moody's said that the downgrade "reflects our expectation of continued deterioration in the company's credit metrics, more precipitous than we had forecasted previously, due to the ongoing decline in the seaborne metallurgical coal markets." The firm expects that the company's Debt/EBITDA, as adjusted, will approach 9x in 2015. Moody's said that although it anticipates some recovery in 2016, it sees the leverage remaining elevated at around 7x. Absent asset sales, the company will generate negative free cash flows in 2015 and 2016, Moody's said in the report. WHAT'S NOTABLE: Moody's said that a further downgrade would be considered if liquidity deteriorated, free cash flows were repeatedly negative and/or Debt/EBITDA exceeded 8x on a sustained basis. PRICE ACTION: Shares of Peabody are down over 9.5% to $2.08 in late morning trading, rebounding from an earlier low of $1.92. OTHERS TO WATCH: Other companies in the coal mining space include Alpha Natural Resources (ANR), Arch Coal (ACI) and CONSOL Energy (CNX).
June 24, 2015
10:43 EDTCNXStocks with call strike movement; BBRY CNX
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June 23, 2015
10:03 EDTCNXHigh option volume stocks
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