Analyst Upgrades Alpha Natural Rating On Purchase
His revised earnings-per-share forecast called for 58 cents, down from 67 cents in the second quarter; 50 cents from 59 cents in the third quarter; 67 cents from 80 cents in the fourth quarter and $1.65 from $1.97 for the full year.
Alpha announced plans to acquire Foundation last month. The combined company would have about $743 million in cash and available credit and 2.3 billion tons of coal reserves balanced between higher-profit Appalachian mines and high-volume western operations.
Shares of Alpha Natural rose 85 cents, or 3 percent, to $29.59 and shares of Foundation Coal rose 71 cents, or 2.3 percent, to $31.44 in afternoon trading.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV