a massive price drop is no reason to buy wlt. Look at fundamentals, look at debt, look at cash, look at interest rate they have to pay on new debt (9.0%), look at dividend rate, look at price trend of what they sell (met coal), look at what they have been doing lately (shutting down operations), look at PEG...look at anything and ask yourself.....is this a buy?
They sold long ago and are still short. Most of the coal companies are up today in a down market with the exception of WLT. What could be happening is that they could be taking some profits on their shorts therefore being those on the bid. Has done the same as it did yesterday. After gap down they took it up some though a lower high from yesterday. Will have to see if it is consolidating to move higher or consolidating to make another mover lower. I did buy some yesterday early and sold.
When it couldn't get through 24.70 I shorted. I covered before the close. Today I have just watch it and traded a couple of other stocks. Can not determine what it is going to do so will not trade it today.