New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 8, 2014
11:38 EDTACI, ANR, WLB, WLTCoal producers retreat after Morgan Stanley lowers price forecast
Shares of some coal producers are falling after Morgan Stanley reduced its price targets on several names in the sector. WHAT'S NEW: Morgan Stanley analyst Evan Kurtz warned that metallurgical coal prices may rebound more slowly than the firm had previously expected. The firm's commodity forecasters reduced their outlook for met coal prices to $133 from $160 per ton in 2015, Kurtz reported. Chinese imports have been weak so far this year, as exports to that country from Australia have risen, the analyst explained. However, production cuts should still help prices rise next year, Kurtz stated. Nonetheless, he cut his price target on Walter Energy (WLT) to $16 from $26, on Alpha Natural (ANR) to $4 from $5 and on Arch Coal (ACI) to $2 from $3. He kept an Overweight rating on Walter Energy, an Equal Weight rating on Alpha Natural and an Underweight rating on Arch Coal. COMPANY NEWS: In addition to the analyst opinion, two of the companies in the sector, Walter Energy and Westmoreland Coal (WLB), announced news this morning. Walter Energy announced that it has commenced a private offering of $320M aggregate principal amount of 9.5% senior secured notes due 2019. Walter also disclosed in a regulatory filing earlier that its preliminary metallurgical coal production for Q2, including both hard coking coal and low-volatility pulverized coal injection product, was 2.5M metric tons, and that its preliminary metallurgical coal sales for Q2 was 2.7M metric tons. Additionally, Walter noted that it incurred severance charges of approximately $7M in Q2 in connection with the idling of its mines in Canada. For its part, Westmoreland disclosed in a regulatory filing that the company currently anticipates reporting adjusted EBITDA in the range of $35M-$38M for the three months ended June 30. WHAT'S NOTABLE: On June 20, another research firm, Sterne Agee, recommended that risk-tolerant investors buy Alpha Natural. The firm predicted that the company would benefit from normalizing thermal and metallurgical coal prices. According to Sterne Agee, the market was underestimating several of Alpha Natural's positive catalysts. PRICE ACTION: In late morning trading, Walter Energy sank 5.4% to $5.82, Alpha Natural gave back 7.2% to $3.37, Arch Coal retreated 5.2% to $3.22, and Westmoreland sank 5% to $34.97.
News For WLT;ANR;ACI;WLB From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
November 21, 2014
15:08 EDTWLTOptions Update; November 21, 2014
Subscribe for More Information
November 20, 2014
15:44 EDTWLTOptions Update; November 20, 2014
Subscribe for More Information
November 18, 2014
09:56 EDTANROn The Fly: Analyst Initiation Summary
Subscribe for More Information
06:34 EDTANRAlpha Natural initiated with an Underperform at BMO Capital
Target $2.
06:34 EDTACIArch Coal initiated with an Underperform at BMO Capital
Subscribe for More Information
November 14, 2014
06:07 EDTWLTStocks with implied volatility movement; SLB WLT
Subscribe for More Information
November 13, 2014
14:50 EDTWLBLonestar Capital to shut down by mid-2015, WSJ reports
Subscribe for More Information
14:45 EDTWLBLonestar capital to shut down, DJ reports
Subscribe for More Information
06:02 EDTANRStocks with implied volatility movement; EFA ANR
Stocks with implied volatility movement; iShares MSCI EAFE Index Fund (EFA) 14, Alpha Natural (ANR) 112 according to iVolatility.
November 12, 2014
07:46 EDTACICowen to hold a conference
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use