May 20 (Bloomberg) -- Patriot Coal Corp., the fourth- largest eastern U.S. coal company, led other companies lower on concern Europe’s debt crisis will threaten fuel demand.
Patriot slid $1.23, or 7.7 percent, to $14.83 in New York Stock Exchange composite trading. Arch Coal Inc., the second- largest U.S. coal producer, dropped $1.62, or 7.6 percent, to $19.67. Consol Energy Inc., the coal and natural gas producer, lost $2.31, or 6.4 percent, to $33.73.
“It’s generally investor concern over a prolonged slowdown, particularly in Europe,” said Jeremy Sussman, an analyst at Brean Murray Carret & Co. in New York. “That’s got everybody jittery today.”
Peabody Energy Corp., the largest U.S. coal producer, plunged $2.42, or 6.3 percent, to $36.07. Alpha Natural Resources Inc., the third-biggest coal company, slipped $1.42, or 4 percent, to $34.11. Massey Energy Co., the sixth-biggest U.S. coal producer, fell $1.39, or 4.4 percent, to $29.96.
Each of the coal companies has fallen at least 18 percent in the past month and Sussman said they will be a bargain for investors once the market settles.
“Right now fundamentals don’t matter, but at some point they will,” he said.
--Editors: David Marino, Bill Banker.
To contact the reporters on this story: Mario Parker in Chicago at mparker22@bloomberg.net;
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.
Sourced from www.businessweek.com
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