UPDATE: Patriot Coal (PCX) Slammed Following Bankruptcy Chatter
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(Updated - July 9, 2012 3:52 PM EDT)
Patriot Coal Corp. (NYSE: PCX) shares were slammed following headlines Monday afternoon the company might file for bankruptcy by the end of the day. The headlines came out of Bloomberg.
The stock has been absolutely crushed over the last two months as bankruptcy fears first began swirling. Shares fell from around $6 to just over $1 at the end of June. Since the beginning of July, speculators had been buying the stock, doubling shares in just six trading sessions.
Shares have now given up those gains and then some. The stock is down more than 53 percent to under $0.80 heading into the last few minutes of trade on Monday.
Patriot Coal Corp. (NYSE: PCX) shares were slammed following headlines Monday afternoon the company might file for bankruptcy by the end of the day. The headlines came out of Bloomberg.
The stock has been absolutely crushed over the last two months as bankruptcy fears first began swirling. Shares fell from around $6 to just over $1 at the end of June. Since the beginning of July, speculators had been buying the stock, doubling shares in just six trading sessions.
Shares have now given up those gains and then some. The stock is down more than 53 percent to under $0.80 heading into the last few minutes of trade on Monday.
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