Does anyone know why the estimates are so low this quarter?
Are they likely to meet the 22 cents now forecast (down from 90 cents 3 months ago)? The $5.xx consensus for next year (2009) - are they likely to guide in line?Peabody, Arch, and Consol all beat for the qtr. Anyone know if those 3 have little Met coal in the mix? The Massey miss pointed at Met (steel making) coal.Steel and coal stocks up today, despite Massey miss????
Steel demand fell off a cliff (auto manufaturing down 60% !). Coking coal demand (for steel) fell with it. Additionally, pricing power decreased as well. Result will be survival mode going forward.
MEE just reported, ugly, and they lowered by a lot their est prices for coal for 09 and 10. Met coal is softer that steam, could be worse for ANR.