Peabody’s Wild Ride
Posted by Turn Key Oil on October 29, 2011 · Leave a Comment
Photo Credit.
Peabody Energy has been all over the charts in the last couple months. This probably has some investors worried and confused. What causes this type of reaction, and why Peabody? Travis Hoium fills us in on what exactly happened to Peabody Energy and what cause this wild ride.
What: Shares of Peabody Energy (NYSE: BTU ) fell as much as 11% in early trading but have recovered most of those losses throughout the day.
So what: Peabody released earnings this morning and there really wasn’t a lot to complain about. Revenue rose 9% to $2.04 billion and adjusted earnings per share were $0.87, both beating estimates.
In other news, early in the day ArcelorMittal (NYSE: MT ) said it was pulling out of a joint bid with Peabody to purchase Macarthur Coal in Australia.
Now what: It appears the acquisition of Macarthur is moving forward as planned but this was definitely an unexpected announcement. A $5 billion acquisition is a lot for Peabody to swallow so we’ll have to see if any changes ensue.
Hopefully, these bits of information are helpful in understanding what happened with this stock. With their latest acquisition still pending, things could remain interesting for a little while longer. Hang in there, because it could pay off.
Quotes taken from report by Travis Hoium, Read the entire article here.
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