Basic Material Stocks Falls on Downgrades (ACI, ATPG, GMXR, CF)


(EMAILWIRE.COM, March 16, 2010 ) Dallas, Tx - Following were among the Basic Materials companies whose shares were actively traded in Monday's session.

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Arch Coal, Inc. (NYSE:ACI) lost 2.88% to $24.62 on 6.15 million shares after HSBC downgraded Arch Coal from Overweight to Neutral with a price target of $30.

ATP Oil & Gas Corporation (NASDAQ:ATPG) fell 4.75% to $18.86 on 3.77 million shares after CapitalOne SouthCoast downgraded ATP Oil & Gas Corporation from Add to Neutral.

GMX Resources Inc. (NYSE:GMXR) dropped 1.56% to $9.44 on 1.08 million shares after Canaccord Adams downgraded GMX Resources from Buy to Hold with price target cut from $17 to $10.50.

CF Industries Holdings, Inc. (NYSE:CF) declined 0.36% to $96.38 on 3.50 million shares after UBS downgraded CF Industries from Neutral to Sell. The firm also slashed its 12-month price target on the stock by more than 22% from $104 to $81.

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