Patriot Coal Down 16.5% After Providing Update on FY 2012 and 2013

Patriot Coal Corporation

is trading significantly lower on the session after providing an update on FY 2012 and 2013. The company says that the current spot market price for high volatile coal is approximately $25 to $30 per ton lower than the original contracted price. Patriot Coal Corporation is a producer of thermal coal in the eastern United States, with operations and coal reserves in the Appalachia and the Illinois Basin coal regions. The shares of Patriot Coal are currently trading at $4.03, a loss of $0.80 or 16.56%.