By Mario Parker
May 7 (Bloomberg) -- Patriot Coal Corp., the fourth-largest eastern U.S. coal company, led miners lower on concern Europe’s debt crisis may derail the economic recovery.
Patriot plunged 57 cents, or 3.1 percent, to $17.62 in New York Stock Exchange composite trading. Massey Energy Co., the sixth-biggest coal company, slid 47 cents, or 1.4 percent, to $33. Alpha Natural Resources Inc., the third-largest U.S. coal producer, tumbled $1.23, or 2.9 percent, to $40.96.
Equities fell and commodities plunged on concern that Greece’s fiscal woes will result in default and spread to other European countries. Coal, used to make steel or generate electricity, is a barometer for the economy.
Peabody Energy Corp., the largest U.S. coal company, fell 93 cents, or 2.2 percent, to $40.93. Arch Coal Inc., the second- biggest, lost 33 cents, or 1.4 percent, to $23.84. Consol Energy Inc., the coal and natural gas producer, slid $1.01, or 2.6 percent, to $38.34.
Source: http://www.businessweek.com/news/2010-05-07/patriot-coal-companies-fall-amid-europe-debt-crisis-update1-.html
May 7 (Bloomberg) -- Patriot Coal Corp., the fourth-largest eastern U.S. coal company, led miners lower on concern Europe’s debt crisis may derail the economic recovery.
Patriot plunged 57 cents, or 3.1 percent, to $17.62 in New York Stock Exchange composite trading. Massey Energy Co., the sixth-biggest coal company, slid 47 cents, or 1.4 percent, to $33. Alpha Natural Resources Inc., the third-largest U.S. coal producer, tumbled $1.23, or 2.9 percent, to $40.96.
Equities fell and commodities plunged on concern that Greece’s fiscal woes will result in default and spread to other European countries. Coal, used to make steel or generate electricity, is a barometer for the economy.
Peabody Energy Corp., the largest U.S. coal company, fell 93 cents, or 2.2 percent, to $40.93. Arch Coal Inc., the second- biggest, lost 33 cents, or 1.4 percent, to $23.84. Consol Energy Inc., the coal and natural gas producer, slid $1.01, or 2.6 percent, to $38.34.
Source: http://www.businessweek.com/news/2010-05-07/patriot-coal-companies-fall-amid-europe-debt-crisis-update1-.html
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