S&P 500
7,401.00
+0.91%
Dow Jones
49,665.70
+0.19%
Nasdaq 100
29,241.00
+2.43%
Russell 2000
2,860.88
+0.82%
FTSE 100
10,263.70
+0.48%
Nikkei 225
63,767.70
+2.68%

Investing

Bankruptcy News Killing Coal Miners (PCX, ACI, BTU, KOL, JRCC)

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Patriot Coal Corporation (NYSE: PCX) was halted on a major downside move.  Bloomberg has reported that a bankruptcy filing is said to be coming as soon as today.  The headlines on the DJ broad tape showed a halt for a single-stock circuit breaker alert.  Unfortunately, this could be the beginning of the real end in coal.  With many coal-fired power plants being taken off-line in the United States, you know that the fallout here is being viewed elsewhere.

This is a company we have been worried about for quite some time, but the implication is how bad this can hurt the rest of the coal sector.  Shares of Patriot are down 35% at $1.42 against a 52-week range of $1.02 to $24.99 on the day.  The Market Vectors Coal ETF (NYSEMKT: KOL) is down almost 4% at $24.36 against a 52-week range of $22.99 to $50.62.

Arch Coal Inc. (NYSE: ACI) is now down almost 8% at $6.56 and Peabody Energy Corp. (NYSE: BTU) is down almost 5% at $23.68.

James River Coal Co. (NASDAQ: JRCC) is much smaller at $111 million in market value, but its stock is now down over 18% at $2.87 on the day.

Pain today, pain tomorrow.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

Continue Reading

Jon C. Ogg |

5 Unusual Against-The-Grain Winners (ALU, GDX, PCX, ROSG, SCHS)

The market was down significantly earlier in the day with a double-digit S&P 500 drop and a triple-digit drop in…

Jon C. Ogg |

Coal Miners Win a Meaningless Battle over Mountaintop Removal Mining (ACI, ANR, BTU, CLF, CNX, PCX, KOL)

Coal company stock prices hit a five-year high in the summer of 2008, just before the Lehman Brothers bankruptcy sent…

Paul Ausick |

More Coal Operations Shuttered (ANR, ACI, BTU, PCX, JRCC, WLT, CLD)

Appalachian coal miner Alpha Natural Resources Inc. (NYSE: ANR) announced this morning that it will close four mines and halt…

Paul Ausick |

Coal Stocks Stumble Again (JRCC, PCX, CNX, ANR, ACI, WLT, BTU)

US coal stocks are getting pummeled again today, with James River Coal Co. (NASDAQ: JRCC) and Patriot Coal Corp. (NYSE:…

Jon C. Ogg |

Commodities Watch: Why Coal Is Back In Favor With Goldman Sachs (PCX, BTU, CNX, WLT, TCK, KOL)

A Goldman Sachs analyst has raised the coal sector from ‘Neutral’ to ‘Attractive’ this morning. The big gainer was Patriot…

Jon C. Ogg |

CSX Spells Trouble for Coal — or Does It?

ThinkstockCSX Corp. (NYSE: CSX) has some somber words for the U.S. coal sector, despite what has been a handy recovery in…

Paul Ausick |

Lower Coal Demand, Odd Investor Outlook (ANR, PCX, BTU, CNX, ACI, KOL)

US coal miners had a tough fourth quarter and most are expecting the same conditions for at least the first…

Jon C. Ogg |

Coal Trends: A Douple-Dip Recession Predicting Tool? (ANR, WLT, PCX, ACI, JRCC, YZC, KOL, FCX, JJC)

Alpha Natural Resources Inc. (NYSE: ANR) and Walter Energy Inc. (NYSE: WLT) are signaling some disturbing trends that only bring…

Paul Ausick |

Coal Stocks: The New Solar Sector or a Value Choice? (BTU, CNX, WLT, ANR, ACI, JRCC, PCX, CLD, KOL)

Coal stocks are taking another hit today, although there has been a slight bounce in the late morning. Buyers must…

Top Gaining Stocks

Akamai
AKAM • Vol: 21,556,944
Micron Technology
MU • Vol: 65,135,624
Intel
INTC • Vol: 227,504,426
Monster Beverage
MNST • Vol: 15,284,847
Dell Technologies
DELL • Vol: 12,167,525

Top Losing Stocks

Mettler Toledo International
MTD • Vol: 539,266
Motorola Solutions
MSI • Vol: 3,101,643
Expedia
EXPE • Vol: 4,189,786
Coterra Energy
CTRA • Vol: 73,319,495
Fidelity National Information Services
FIS • Vol: 11,468,820