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SECTOR UPDATE: Coal Miners Rise After Peabody Results Beat Consensus, Predicts Recovery in U.S. Coal Market
By: MT Newswires
Coal mining companies are trading sharply higher after Peabody Energy ( BTU ) reported better-than-expected first-quarter earnings and predicted that the U.S. coal market will this year reclaim market share lost to natural gas. The company also predicted continuing strong demand from India and China.
Peabody Energy ( BTU ) jumped 10% to $20.87. Elsewhere, Alpha Natural Resources ( ANR ) is up 9% at $7.48. Arch Coal ( ACI ) bounced 12.5% from near year lows for the year to $5.11 and James River Coal ( JRCC ) rose 5.5% to $1.72.