Davenport Downgrades Foundation Coal Holdings (FCL) to Neutral
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Davenport downgrades Foundation Coal Holdings (NYSE: FCL) to Neutral.
Davenport analyst says, "For 2009 and 2010, our earnings estimates are reduced, primarily to account for lower expected shipments and reduced price assumptions on unpriced tonnage. Management’s reduced shipment guidance ranges for both years came entirely from the company’s Eastern operations...The company reiterated many of the operational issues they cited in their warning on 9/29/08 as reasons for the weak results."
Foundation Coal Holdings, Inc. (Foundation Coal) is a coal producer in the United States that operates a group of 13 mines located in Wyoming, Pennsylvania and West Virginia.
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