Export Data Improves, But Coal Stocks Flame
Coal stocks are seeing a second day of declines despite positive insights for the sector. CONSOL Energy Inc. (NYSE:CNX) projects an increase in 2011 coal exports to 10.5 million tons versus 10.0 million tons. Canadian National Rail Co (NYSE:CNI) also claims that coal exports are steady without signs of a double-dip recession.
CONSOL Energy’s stock is down 8.6% to 34.66 on the news. Shares are down 28.89% year to date. The stock has traded in the 52-week range between 34.53 and 56.32. CN Rail’s stock is down 1.99% to 63.96 on the news. Shares are down 3.78% year to date. The stock has traded in the 52-week range between 63.53 and 78.08.
The entire coal sector got dumped today despite the good news: Market Vectors Coal ETF (NYSE:KOL), Peabody Energy Corporation (NYSE:BTU), Patriot Coal Corporation (NYSE:PCX), Cliffs Natural Resources Inc (NYSE:CLF), Arch Coal Inc (NYSE:ACI) and James River Coal Company (NASDAQ:JRCC).