Massey Energy (MEE) Seeks to Double Metallurgical Coal Sales with Purchase of Cumberland Resources

By Trader Mark
17 March 2010 @ 01:09 pm EDT

As much as I am a long term bull on these coal names (and have been since 2007), the moves of late remind me of when companies announced a stock split or a new website launch in 1999 and speculators ran into the stock, driving it up 15% overnight.  Right now people are frothing at the mouth for anything coal - specifically metallurgical coal related (which is the type of coal that goes into steel).   [Mar 8, 2010: BHP Billiton Pushes Through 55% Price Increase in Coaking Coal Prices, Quarterly Pricing - Iron Ore Also Potentially Set to Soar]  Massey Energy announced a purchase ($1B) deal Tuesday evening and the stock is flying today.

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