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Why Peabody Energy Crashed 16% a Day After Skyrocketing

·2 min read
Why Peabody Energy Crashed 16% a Day After Skyrocketing
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Shares of Peabody Energy (NYSE: BTU) crashed 16% by noon EDT on Tuesday, tanking on a day the coal stock received an analyst upgrade and one day after skyrocketing. This morning, B. Riley raised its price target on Peabody Energy by $1 to $23 a share, stating it saw the company's preliminary results as a "positive step forward." Peabody Energy reported its preliminary numbers for the third quarter yesterday, announcing its coal sales had topped $900 million to levels not seen in nearly seven quarters.