Why Peabody Energy Stock Just Dropped Another 12%
Shares of coal miner Peabody Energy (NYSE: BTU) are down heavily in Tuesday morning trading, falling 12.2% through 10:40 a.m. EDT on no apparent news at all.
Crazily, if there is news today, it's news that would seem to be good for Peabody. Specifically, coal prices that have been climbing since April (up 67%) spiked particularly sharply over the weekend, rising 9% in Monday trading.
Seeing Peabody stock fall on that news is kind of weird. Then again, it's also kind of par for the course, because after topping out at $4.07 midmonth, Peabody shares have been on a more or less uninterrupted slide ever since, losing about one-third of their value even as coal prices got better and better.
Source Fool.com
