Courtesy of Benzinga.
Coal stocks moved higher Tuesday after earnings announcements.
Arch Coal Inc (NYSE: ACI) shares spiked upwards nearly 8 percent on higher-than-expected Q3 revenue.
The company reported a net loss of $97 million, or $0.46 per diluted share, in the third quarter of 2014 compared with a net loss of $128 million, or $0.61 per diluted share, in the prior-year quarter.
Revenues totaled $742 million, above the average estimate of $719.33 million for the three months ended September 30 and adjusted EBITDA from continuing operations was $72 million, representing a slight increase compared with the same quarter of last year.
CONSOL Energy Inc. (NYSE: CNX) missed Q3 earnings expectations, but surged higher after a report announcing the sale of 100 millions tons of coal reserves to Murray Energy Corp.
The Market Vectors Coal EFT (NYSE: KOL) surged higher amid the gains in Arch and CONSOL. The EFT was up nearly 1.5 percent by mid-day Tuesday.
Arch Coal Inc recently traded at $1.90, up 6.1 percent.
CONSOL Energy Inc. recently traded at $35.49, up 3.7 percent.
Posted-In: Murray Energy CorpEarnings News Intraday Update Movers
