In the European market, cargoes for delivery in January to Amsterdam, Rotterdam and Antwerp (ARA) fell $1.25 to $73.75 per ton, according to Reuters. Cargoes for delivery in December from the Newcastle terminal in Australia dropped $1.35 to $63 per ton, and February cargoes dipped 35 cents to $64.35 per ton.
BMO Capital Markets also initiated coverage on Alpha Natural Resources on Tuesday with an "underweight" rating and a $2 price target.
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"The debt load created by the ICG acquisition, coupled with the subsequent collapse in global metallurgical coal prices, leaves Alpha with very little equity value, in our view, unless global metallurgical and/or eastern U.S. thermal coal prices increase significantly," the firm said.
Separately, TheStreet Ratings team rates ALPHA NATURAL RESOURCES INC as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALPHA NATURAL RESOURCES INC (ANR) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk."