Coal company’s stocks plunge after Clinton says she will shutter mines
America’s biggest coal producer is warning that it is hurtling towards bankruptcy. Shares of Peabody Energy Corp. dropped this week to $4.72 on March 14, and dropped again to $4.00 by close of business on March 15. Today, the price dropped to $2.14 as the trading day opened, falling to as low as $2.03 before close of business. On March 11, the price stood at $6.54.
According to a filing by the company, there “exists substantial doubt whether we will be able to continue as a going concern.” Company shares have fallen 95% in the last 12 months, while the S&P 500 has lost 3%.
