Walter Energy Slumps 7% on Concern Production Cutbacks Will Harm Performance
Walter Energy ( WLT ) slumped almost 7% to $26.53, hitting another new 52-week, after the company said late Thursday that it will curb production at its Willow Creek Coal Mine in British Columbia because of weak metallurgical coal prices in the U.S. market.
This is the fifth of the company's mines to scale back operations, prompting Zacks' analysts to comment that the cutbacks may act as headwinds to the company's operation.
The shares are recovering slightly from a new 52-week low of $26.12 hit earlier in the session.
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