Macquarie Group Downgrades U.S. Coal Sector (ANR, CNC, MEE, PCX, BTU)
- Global equities set 2-week low before Yellen speech, dollar dips
- Icahn Shopped Herbalife (HLF) Stake to Ackman Group - WSJ
- GameStop (GME) Reports In-Line Q2 EPS, Offers Guidance
- Big Lots (BIG) Reports Q2 EPS of $0.52; Boosts FY16 EPS Outlook
- Piper Jaffray Downgrades ITT Educational Services (ESI) to Underweight, $0.00 Price Target
Reports from Actionablecalls, Macquarie Group is downgrading the U.S. coal sector from Overweight to Neutral.
According to the report Macquarie said, "We are downgrading our ratings on the U.S. coal sector to Neutral from Overweight as we believe demand for seaborne metallurgical coal in China is slowing following discussions with Macquarie’s network of global physical coal traders and our commodity team. We have heard from Canadian producers that the Chinese have pushed back on deliveries and there appears to be an absence of new demand in Australia, suggesting that coking coal imports for September and October could fall sharply. The main export markets for U.S. coking coal of Europe and Brazil remain very weak and prices for spot met coal in the Atlantic Basin remain well below the Pacific Basin, limiting upside for U.S. companies."
Alpha Natural (NYSE: ANR) from Outperform to Neutral
CONSOL Energy (NYSE: CNX) from Outperform to Neutral
Massey Energy (NYSE: MEE) from Outperform to Neutral
Patriot Coal (NYSE: PCX) from Outperform to Underperform
Peabody Energy (NYSE: BTU) from Outperform to Underperform
You May Also Be Interested In
- MannKind (MNKD) CCO Castagna Buys Shares
- Lion Biotechnologies (LBIO) Enters Extended Agreement with CRADA; New Principal Accounting Officer Named
- Valero Energy Partners (VLP) Files $350M Common Stock Shelf
Create E-mail Alert Related CategoriesDowngrades, Trader Talk
Related EntitiesMacquarie Group
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!