I just saw on CNBC an interview with the CEO of Joy Global. He stated that there is no slow down in his business and that he has equipment back logs. As far as the rails - if anyone checked the coal cars are full and have not slowed down AT ALL. DEMAND IS STILL HIGH!!!
Walters slow down was due to exactly what the press release stated about the rainfall. I QUOTE = "Walter Energy is making solid operational progress despite a slower than expected recovery from the 100-year record rainfall experienced in Northeast British Columbia during the second quarter as well as recovery from the difficult geology at Mine No. 7 in Alabama. These events will cause a delay in the Company's anticipated growth in production and associated improvement in costs. However we see early recovery today and expect clear improvement beginning in 2012. Longer term, Walter continues to target strong growth in metallurgical production by the end of 2013," said Walt Scheller, Walter Energy's CEO.
This means production will be back to normal Q4 or Q1 next year or maybe even surprise us. I bought today at $64.00 and have been trading these stocks for years. COAL IS NOT RIMM!!! I understand people on this board are scared and the market is shaking people out. Hold your position and in 30 days from now everything will be alright. This is the stock market and it makes money when people panic.