Arch Coal Inc (NYSE:ACI) reported that it aims to lower production, idle several operations and cut its employees by almost 750 full-time positions, mentioning the record downturn in demand for coal-based electricity.
The output lowers and labor force decreases keep on a trend current year of few United States coal corporations scaling back amid persistently soft demand for the fuel and tighter rules on coal-fired power facilities.
Chief Executive Officer of the company John W. Eaves reported in a statement that this decision was hard but necessary so as to whether the current downturn and to position the corporation for long-term success.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Peabody Energy Corporation (NYSE:BTU) fell -1.10% to settle at $22.58, Patriot Coal Corporation (NYSE:PCX) moved down -8.03% to end at $1.26 while Alpha Natural Resources, Inc. (NYSE:ANR) plunged -0.60% to finish on Friday at $8.26.
Arch Coal Inc (NYSE:ACI) on June 22, 2012 decreased -1.13% to the closing price of $6.13. The overall volume in the last trading session was 28.58 million shares. Its fifty two week range was $5.62-$28.76. The total market capitalization remained $1.30 billion.
ACI is ahead its 52 week low with +9.07% and lagging behind from its 52 week high price with -78.14%. ACI last month stock price volatility remained 5.35%. In its share capital ACI has 212.25 million outstanding shares among them 211.07 million shares have been floated in market exchange. ACI stock institutional ownership remained 80.18% while insider ownership included 0.11%.
The stock price of ACI is moving down from its 20 days moving average with -3.21% and remote negatively from 50 days moving average with -20.95%. ACI current year earnings per share experienced a downfall of -23.75% while its current quarter performance remained -47.20%. Company’s beta coefficient included 1.82. Beta factors measures the amount of market risk associated with market trade.
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