Coal stocks took a beating Wednesday as investors reacted gloomily to news that U.S. President Barack Obama has been re-elected.
While energy stocks also fell, coal was particularly hard hit because of the view that Barack Obama’s push against fossil fuels looks set to continue.
In Canada, Teck Resources Ltd. in (TSX: T.TCK.B, Stock Forum) (TSX: T.TCK.A, Stock Forum) eased 1.5% to $33.02, leaving the Vancouver-based mining giant with a market cap of $19 billion, based on 567.6 million shares outstanding. The 52-week range is $44 and $26.02.
In the United States, Arch Coal Inc. (NYSE: ACI, Stock Forum) dropped 12.5% to $7.58, leaving the company with a market cap of $1.6 billion, based on 212.3 million shares outstanding. The 52-week range is $18.58 and $5.16.
Alpha Natural Resources Inc. (NYSE: ANR, Stock Forum) was also down 12% to $8.45 leaving the company with a market cap of $1.8 billion, based on 220.3 million shares outstanding. The 52-week range is $29.29 and $5.28.
Peabody Energy Corp. (NYSE: BTU, Stock Forum), was off 9.6% to $26.24, leaving the company with a market cap of $7 billion, based on 268.3 million shares outstanding. The 52-week range is $44.18 and $18.78.
Consol Energy Inc. (NYSE: CNX, Stock Forum) fell 6.1% to $33.28, leaving the company with a market cap of $7.6 billion, based on 227.8 million shares outstanding. The 52-week range is $45.21 and $26.41.
Walter Energy Inc. (NYSE: WLT, Stock Forum) gave up 8% to $34.26, leaving the company with a market cap of $2.1 billion, based on 62.5 million shares outstanding. The 52-week range is $79.43 and $29.75.
The thinking goes that a Mitt Romney win would have likely been more favourable for some energy stocks, given that he had planned to open up more land to exploration and development.