It's because shorts were expecting the stock to go down due to the b.s. delisting notice. That notice means nothing for 6-months and means nothing to the stock in general. The only thing that matters is if the company survives or not and the company just bought another quarter of waiting out the met coal recovery with the recently issued notes on 3/2/15.
We are likely to get back to the $1.00 level very soon as the company waits for that met coal recovery.
You would think that 66 mil. in 2021 notes would help, as the company stated: "We executed this transaction to reduce our debt and interest cost, increase our equity, and improve our balance sheet."
"We executed this transaction to reduce our debt and interest cost, increase our equity, and improve our balance sheet."
Looks like the company just bought more time for the met coal recovery!
The deficiency does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements, and it does not violate any of the Company's credit agreements or other debt obligations.
Under the NYSE's rules, the Company has six months to regain compliance with the NYSE's continued listing standards. The Company's common stock will continue to be listed and traded on the NYSE during this period, subject to the Company's compliance with other continued listing standards
Letter received because stock averaged 99 cents over the past 30-days. Company has 6-months now to rectify the situation. No big deal, either the company survives or it doesn't.
The earnings were nothing out of the ordinary and expected with the drawdown of Canadian mines. Next quarter we could realize a gain because the drawdown wasn't as quick as expected.
You can bash the stock all you want, but met coal is not effected by Obama, climate change, natural gas or any other silly agendas. It simply a fact if met coal prices improve prior to 2nd qtr 2016 and the company survives or not.
I would think asset sales of a Canadian mine or two should be on the table. If that happens the short will suffer and the persistent will celebrate.
IDK, personally I think WLT is the first to test. I say that simply because banks are still willing to issue more debt to the market darling BTU. I beleive that ship sailed last for WLT in Nov 2014. I would be suprised if anyone would back them now.
Honestly, if you are going to follow this stock on a daily basis it was fairly simply what happened. If you don't follow the stock on a daily basis, don't worry what happened today.
If you missed this morning's news Normura Securities downgraded both US Steel (who gets their met coal from WLT) and AKS, who has their own met and coke plants. I believe X is about 7% of WLT's business.
As soon as I read the downgrade notes, I figured this was not going to be a good day for coal, so I sold every chance I could when the stock's bid was at $1.20. I didn't see this as very good news, especially for ANR because of its met coal business. The mere fact that ACI was down more than us was reason enough for me to sell and hope that prices declined further in the late afternoon hours.
The news yesterday about BTU issuing notes for another 1 Billion of debt, which would expire in 2022 also was not received well by the market. This afternoon's attack came from CNBC clowns debating if steel has seen its lows or not. If you watched X and AKS, you can tell exactly when CNBC's piece was aired. If you looked at those stocks' charts, you can see they started declining right about 1:40 p.m. est., which was when CNBC started their round table discussion.
About 1- minute prior to commercial's end and right prior to the 1:40 p.m. CNBC discussion, I started getting downward price alerts for AKS, X, BTU, ACI and WLT. As you can see, no alert from ANR, which meant it was holding its price, but that trend was not very likely to continue.
I trade the stocks, so I have to stay on top of current events that could either create downward or upward price momentum. It was a rather exciting day for me because after selling in the morning, I stayed away from stocks until after 3 p.m. EST., except for following my various alerts.
Contrary to what Hulk may say, this stock is not going to be filing for BK. I hope that helps!
You have a much better chance to make 20 cents per share, by going long at these levels. One insider purchased and you're there. Attempting to short at $1.20 is a fools game!
Who cares, as you can see with ACI shares right now people have figured out that a RS is isn't such a bad thing after all. Besides, I haven't heard one single word from ANR IR that we will follow ACI's lead.
It's very simple, the mm is trying very hard to get weak retail hands to sell so he can provide those shares to the big boy institutions.
There's a silly perceived notion that a RS is such a bad thing, it appears people are figuring out that it isn't that bad after all. ANR at these prices is a gift and we will soon be at or near the same price of ACI.
You're right, but will WLT be around long enough to see the met recovery? I know ANR will be around, but I don't know if WLT can survive past the 2nd Qtr of 2016.
For that reason, I sold out 3/4 of my WLT holdings this morning. I still hold plenty of shares, just in case they do make it. With the drop this morning in ANR though, I was able to double my ANR holdings with those WLT proceeds. It's the much safer bet IMO.
One of the secondary issues of a RS is to gain more institutional ownership and less speculative owners. It doesn't take a PHD to see that institutions have been gobbling up ANR shares at these low prices. This morning the MM used ACI's RS announcement, along with BTU's, to shake out the weak hand retail investors and to move even more shares into those institutional hands.
The institutions know that ANR is the strongest of this grouping and there's no BK going to happen, To those who sold this morning, I thank you for your shares!