James River and Election Results Lead Coal Stocks Down: Energy Business Review
Shares of James River Coal Company (NASDAQ:JRCC) fell sharply Wednesday in part due to its third quarter results. The company repurchased $53.7 million of its outstanding debt at “very advantageous market prices,” but currently has available $172 million in liquidity compared to . $192 million posted at the end of the previous period. The results, alongside President Obama’s election victory, sent shares down by more than 30 percent. Alpha Natural Resources (NYSE:ANR), Arch Coal (NYSE:ACI), Peabody Energy Corporation (NYSE:BTU), and Walter Energy (NYSE:WLT) all moved down on the day in sympathy.
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