Massey Energy (MEE) And Other Coal Stocks Gain Subsequent to Price Hike
By Mark Moneymaster
March 05, 2010 12:43 PM
March 05, 2010 12:43 PM
Massey Energy (NYSE: MEE) soared 4.8% to $48.69 by mid-day trading on Friday. Patriot Coal Corp Corp. (NYSE: PCX) rallied almost 6% to $20.4 and James River Coal Co. (NASDAQ: JRCC) advanced 6.2% to $17.95 by mid-day trading following a deal between BHP Billiton struck a Japanese coal deal worth $200 per metric ton, sending coal stocks surging across the board.
The revised prices mean a 55% rise in annual price in coking coal prices compared to earlier prices. Massey Energy (MEE), which now trades around $49.01, could move into an uptrend once it scales past its trailing 52 week high of $51.25.
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