Coal stocks are moving higher Monday on what appears to be little fundamental data.
Most coal stocks have a high short interest, leaving open the possibility that much of the move may be shorts covering their positions after initial momentum on the open.
Interestingly, European coal fell to a four-year low Monday after Credit Suisse cut its target on the commodity by 6.3 percent. The note stated that US shipments of coal may fall below 40 million tons for 2014 versus 51 million tons the year before.
Related: ParkerVision Shares Down +60%
Price updates on the sector are given below:
Walter Energy (NYSE: WLT) +6.36 percent
Arch Coal (NYSE: ACI) +2.05 percent
Alpha Natural Resources (NYSE: ANR) +3.73 percent
Peabody Energy (NYSE: BTU) +0.41 percent
Anglo American (OTC: AAUKY) +1.14 percent
Posted-In: coal Credit SuisseCommodities Markets Trading Ideas
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Most Popular Micron Technology Earnings Preview: Can Momentum Continue? Earnings Expectations For The Week Of June 23: Nike, Walgreen And More Stocks To Watch For June 23, 2014 Morgan Stanley Reiterates On General Electric Following Alstom Board Recommendation #PreMarket Primer: Monday, June 23: BNP Expected To Pay $9 Billion For Sanctions Violations Barron's Recap: 50 Best Annuities Related Articles (ACI + AAUKY) Coal Sector Shooting Higher Arch Coal Held in Balance - Analyst Blog Cloud Peak to Drill Exploratory Holes in PRB - Analyst Blog Coal: A 'Million Dollar Mile' Getting Longer In the U.S. Balanced View on Peabody Energy - Analyst Blog UPDATE: Morgan Stanley Upgrades Peabody Energy Around the Web, We're Loving...
No comments:
Post a Comment