Walter Energy Plunges 6.2% in One Minute Amid Massive Volatility

Walter Energy

, which has been one of the strongest stocks in today's market, is coming under heavy selling pressure in the late afternoon hours. At 3:03pm, shares of Walter, which had been trading at $90.70, suddenly plunged on heavy volume all the way down to $85 – a 6.2% drop in less than a minute. The stock has somewhat recovered from the drastic fall, currently trading back up to $89.35. Shares had traded as high as $97.30 earlier in the session on news of a potential buyout from Anglo American. The offer is rumored to be at $120, and possibly go as high as $150. Recent action indicates that traders do not necessarily believe that the buyout rumors are valid. The stock closed yesterday's session at $74.99.