Peabody, other coal shares tumble
July 3rd, 2010
Peabody, other coal shares tumble
Shares of St. Louis-based Peabody Energy Corp. and other coal producers dropped sharply Tuesday on concern that economic growth in China is slowing, damping demand for the power plant and steelmaking fuel.
Peabody dropped $3.16, or 7.4 percent, closing at $39.33 on slightly higher than normal volume. Peabody shares reached as low as $39 in intraday trading. Other coal producers had similarly bad days .
Shares of Arch Coal Inc. and Patriot Coal Corp., both of Creve Coeur, took substantial hits. Arch closed at $19.81, down $1.79, or 8.3 percent. Patriot lost 94 cents, or 7.3 percent on the day, closing at $12.03.
Bloomberg News
Filed under: economics by Wolf