NEW YORK (TheStreet) -- Shares of Alpha Natural Resources (ANR) rose 7.95% to $2.38 in afternoon trading Thursday after the company announced it would eliminate more than 400 jobs in Pennsylvania by the end of 2014.
Alpha Natural Resources announced last month it would sell its Amfire Mining subsidiary to Pennsylvania-based Rosebud Mining for $86 million. Alpha disclosed in a public notice to the Pennsylvania Department of Labor and Industry this week that the deal would cost 412 jobs by December 29, the Pittsburgh Post-Gazette reports.
In a conference call after the deal's announcement last month, Alpha CEO Kevin Crutchfield said Amfire was "regionally disparate" from its other assets.
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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."