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By David Sterman
8:48 a.m. EDT Alpha's (ANR) offer for Foundation Coal (FCL) values the deal at roughly 13.2 times projected 2010 Foundation profits. That's above the industry band, which ranges from Consol Energy (CNX) with a forward P/E of 10.5 to Massey Energy (MEE), which trades at 12 times next year's earnings. (Alpha had been trading at 13.1 times projected 2010 EPS, though that's likely to be trimmed a bit today). This group has moved up nicely, but the headline risk associated with carbon legislation could take a bite out of gains. No positions