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Stock Market & Financial Investment News

News Breaks
July 8, 2014
11:38 EDTWLB, WLT, ACI, ANRCoal 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
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December 19, 2014
16:09 EDTANRAlpha Natural affiliates settle selenium cases
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December 17, 2014
11:29 EDTACI, ANR, WLTJoy Global sees U.S coal market to be challenged in 2015
Joy Global says U.S. coal exports are likely to decline this year. Falling gas prices attributable to warmer weather will result in a switch to gas for electricity production. 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).
December 15, 2014
16:30 EDTWLTAlden Global reports 3.79% passive stake in Walter Energy
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07:09 EDTWLBOxford Resource Partners says three proxy advisories support transactions
Oxford Resource Partners (OXF) announced that Institutional Shareholder Services, Glass, Lewis & Co. and Egan-Jones Proxy Services, three independent proxy advisory firms, have all issued reports recommending that Oxford unitholders vote "FOR" on all of the proposals required to carry out the recently announced transactions with Westmoreland Coal (WLB).
December 9, 2014
12:50 EDTWLBWestmoreland announces coal services partnership with Trafigura
Westmoreland Coal Company announced that it has entered into a coal services agreement with Trafigura AG under which Trafigura will exclusively market certain tons of export thermal coal from Westmorelandís Coal Valley Mine in Alberta, Canada.
December 8, 2014
09:02 EDTANRAlpha Natural announces WARN notices for eight W. Virginia coal mines expire
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06:15 EDTWLTWalter Energy implied volatility of 188 at upper end of index mean range
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