Arch Coal Leads Sector In Upsurge On Friday: Energy Biz Update
Most – but not all – coal stocks enjoyed an ‘up’ day on Friday, led by Arch Coal’s (NYSE:ACI) pleasant surprise of third quarter profit growth, rather than the anticipated opposite results, and also by Cloud Peak Energy’s (NYSE:CLD) third quarter beat. Shares of James River Coal Company (NASDAQ:JRCC) and Alpha Natural Resources (NYSE:ANR) both moved up nicely, but Cliffs Natural Resources (NYSE:CLF) continues to fall from the residuals of its bleak results from the period. The latter was downgraded to Hold at Dahlman Rose on expected low iron ore prices, along with worries over cash flow.
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