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No one spends $20k on a penny stock unless they know something is coming, Steve is known to talk to some of his investors. Here comes another pump and dump maybe.
I called PCX a while ago here, Hope you guys got in.. Massive gains the last few days. up $1+ from my call.
lololol I like that. Shorts getting owned traders maken bank $$
The industry hit it's bottom and now it's coming back to make us traders some $$$$
Finance news has to be something positive, shorts have had to cover a big % of there position with what we traded between today and Tuesday.
Who in there right mind with short a penny stock, lol... I bet we see more dumping at eod.
Who knows when the other PR can come, it can come in 1 week or tomorrow.. Point is Steve hyped up this PR with his FB postings and now look....
The pps is a reflection of the news. back down to .014
So Steve's games on FB with the whole countdown BS was for this lame PR? wow
Is this the news that everyone has been waiting for??? wow... FAIL
by the 6th
No they have few more days left.
Float is very tight here, only about 40mil or so, most of the company 60ish% is held by institutional investors.
ePIC BABY finance news come on baby give it to me!
PCX MONSTAA Float is super tight here and shorts trying to cover new HOD~!
Float is tight and shorts getting hammerd... NEWS had to leak out in the market about finance news.
PCX shorts getting hammmmerddd
Short volume is still very high here, shorts getting spanked.
Ben and I will immediately focus on improving Patriot's competitive position as well as its financial structure to enhance value for our shareholders and all other groups who have a stake in the company's success," said Engelhardt. "Our team has successfully navigated the inherent cycles in the energy industry in the past, and I am confident Patriot can overcome the industry challenges that we currently face."
Engelhardt, 65, has served as the chairman of Patriot's board of directors since the company spun off from Peabody Energy Corp. (BTU) in 2007. He served as the chairman and chief executive of Peabody from 1990 to 2005, and has also had executive roles and several other energy companies.
We had a strong close on Tuesday with very little to no pull back. After hrs same thing. PCX bonds are trading higher, market always knows good or bad news before any of us do. Lets not forget new top management was put in place, they have over 30yrs experience in the coal industry. I can bet the team that is in place now was something that a lender wanted, Banks probably did not want to refi the debt with the same old management team that was on the top. New guys are in that have far more talent and experience not only within the coal industry here in the USA but also have extensive backgrounds in the overseas markets.
It's not the 6th yet.....We still have a few trading days left.
the short interest is still high here which will work in our favor, also I wonder if the % of institutional investors is still around 60& or so.
LOL SA article, I guess they are going to start putting positive spin finally.. maybe no more negitive? Good read here
Shares of Patriot Coal Corporation (PCX) surged on Tuesday to close higher by more than 30%, despite the lack of any major news.
One reason why PCX surged Tuesday was the rally in the broad market indices. PCX has a high beta of 2.9, so the stock likely benefited from the move higher in the Dow and S&P 500.
Sector Rally
In addition to the broad market rally, the coal sector also was lifted after a report from Bloomberg discussed increased coal demand from Europe. As shown by the chart below, PCX was the leader on Tuesday by a significant margin. While James River Coal (JRCC), Alpha Natural Resources (ANR), Peabody Energy (BTU), Arch Coal (ACI), and Consol Energy (CNX) all moved higher, PCX was the standout.
It should be noted that the second biggest winner was James River Coal. This is noteworthy because PCX and JRCC have a much higher short interest than the rest of the steel sector. This likely means that a good part of Tuesday's move in PCX was driven by short covering.
Short Interest
Short interest in PCX currently stands at roughly 25.48 million or 28% of the float. It is likely that part of Tuesday's move was a short squeeze. However, it should be noted that the short interest likely remains high and the potential for the squeeze to continue is high.
Playing Catch-UP
Despite Tuesday's surge higher, PCX is still the worst performing coal stock over the past month. Part of Tuesday's move was likely PCX catching-up to what other names in the sector have already done.
My Take
In a piece written just days ago, I raised questions about the weak relative performance of the sector and suggested that short-term traders move to the sidelines. However, given Tuesday's move across the sector, it might be time for traders to once again go long coal.
In my previous commentary, I have consistently said that I would avoid PCX as it is the most risky name in the sector. That being said, because of the massive volume, more than 17 million shares in a shorted trading session, it appears that institutional money believes the worst is behind PCX. However, I am not yet certain that PCX is in the clear and for that reason I would continue to favor other coal stocks over PCX.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
http://seekingalpha.com/article/700831-patriot-coal-surges-what-you-need-to-know?source=email_rt_article_title&ifp=0
Getting Patriot Coal Corporation (PCX) Before The 4th Of July
July 03, 2012 02:33 PM
Stocks: PCX,
Rich Bieglmeier
(By Rich Bieglmeier) Could coal be ready to make a comeback? November 6th could be a new birthday or death certificate for the sector. At least in terms of stock performance, President Obama has sort of made good on his promise to bankrupt new coal plants, instead the regulation web has caught new and old without discrimination. Record low natural gas prices haven't helped the industry much either.
EPA rules and gas prices have made it too costly for many older, coal-fired power plants to cover the cost of operations. As a result, in the last two years, more than 100 coal plants have been retired or soon will. For the first time since records have been kept, coal's percentage of the electricity generation market will fall below 40%. You'll see the impact on your electricity bill soon, despite record low natural gas prices. How does that work?
It works that way because energy producers need to bid higher to cover the costs of crossing over to natural gas and to meet carbon dioxide emission standards. Economics 101 – there are no free lunches, somebody has to pay for it, and that's you.
So where will the demand for coal come from you ask?
While the US's demand for its most abundant resource is falling, world demand is rising. According to the latest BP Statistical Review, "world coal consumption grew 5.4 percent in 2011 and world coal production grew by 6.1 percent. The decline in U.S. coal consumption was offset by a large increase in Asia's coal consumption, which accounted for all the net growth in 2011. China's coal consumption grew 9.7 percent between 2010 and 2011, and India's coal consumption increased 9.2 percent. China consumed 49 percent of the world's coal supply in 2011."
The increase in global demand has led to record exports in 2011 as the United States has high grade coal used to make steel that is in demand in China, India and Brazil. With the global economic slowdown, reports of unused coal piling up, along with the combo of regulation and gas prices have crushed coal stocks.
So you might be wondering, why is iStock writing about coal, shouldn't it be an obituary?
Our interest comes from Patriot Coal Corporation (PCX : 1.81, 0.44) holding one of the top positions in our weekly accumulation scorecard. Last week, investors gobbled up 1.73% of PCX's much reduced market cap. Today, the stock is up 31% on more than double the average daily volume, already.
Unless the company goes out of business, valuation wise the company is essentially being given away at a going out of business price. The stock trades for 5 cents for every dollar Patriot does in revenue per share. Its book value is $5.87 and the stock trades for less than $2, and its enterprise value (hypothetical takeover price) is $42.60. We don't think anybody is going to pay that, but PCX has been as high as $ 24.99 in the past 52-weeks and spent most of the past 12 months above $6.
With 28% of Patriot Coal Corporation's (PCX) float (shares available for trading) sold short, a squeeze that takes PCX's price to $2.50 is reasonable. That's a heck of a return from here.
Besides, how long can it be before a Chinese company makes a play for Patriot Coal?
http://www.istockanalyst.com/finance/story/5927745/getting-patriot-coal-corporation-pcx-before-the-4th-of-july
Getting Patriot Coal Corporation (PCX) Before The 4th Of July
July 03, 2012 02:33 PM
Stocks: PCX,
Rich Bieglmeier
(By Rich Bieglmeier) Could coal be ready to make a comeback? November 6th could be a new birthday or death certificate for the sector. At least in terms of stock performance, President Obama has sort of made good on his promise to bankrupt new coal plants, instead the regulation web has caught new and old without discrimination. Record low natural gas prices haven't helped the industry much either.
EPA rules and gas prices have made it too costly for many older, coal-fired power plants to cover the cost of operations. As a result, in the last two years, more than 100 coal plants have been retired or soon will. For the first time since records have been kept, coal's percentage of the electricity generation market will fall below 40%. You'll see the impact on your electricity bill soon, despite record low natural gas prices. How does that work?
It works that way because energy producers need to bid higher to cover the costs of crossing over to natural gas and to meet carbon dioxide emission standards. Economics 101 – there are no free lunches, somebody has to pay for it, and that's you.
So where will the demand for coal come from you ask?
While the US's demand for its most abundant resource is falling, world demand is rising. According to the latest BP Statistical Review, "world coal consumption grew 5.4 percent in 2011 and world coal production grew by 6.1 percent. The decline in U.S. coal consumption was offset by a large increase in Asia's coal consumption, which accounted for all the net growth in 2011. China's coal consumption grew 9.7 percent between 2010 and 2011, and India's coal consumption increased 9.2 percent. China consumed 49 percent of the world's coal supply in 2011."
The increase in global demand has led to record exports in 2011 as the United States has high grade coal used to make steel that is in demand in China, India and Brazil. With the global economic slowdown, reports of unused coal piling up, along with the combo of regulation and gas prices have crushed coal stocks.
So you might be wondering, why is iStock writing about coal, shouldn't it be an obituary?
Our interest comes from Patriot Coal Corporation (PCX : 1.81, 0.44) holding one of the top positions in our weekly accumulation scorecard. Last week, investors gobbled up 1.73% of PCX's much reduced market cap. Today, the stock is up 31% on more than double the average daily volume, already.
Unless the company goes out of business, valuation wise the company is essentially being given away at a going out of business price. The stock trades for 5 cents for every dollar Patriot does in revenue per share. Its book value is $5.87 and the stock trades for less than $2, and its enterprise value (hypothetical takeover price) is $42.60. We don't think anybody is going to pay that, but PCX has been as high as $ 24.99 in the past 52-weeks and spent most of the past 12 months above $6.
With 28% of Patriot Coal Corporation's (PCX) float (shares available for trading) sold short, a squeeze that takes PCX's price to $2.50 is reasonable. That's a heck of a return from here.
Besides, how long can it be before a Chinese company makes a play for Patriot Coal?
http://www.istockanalyst.com/finance/story/5927745/getting-patriot-coal-corporation-pcx-before-the-4th-of-july
NEW YORK (AVAFIN) -- Trading of Patriot Coal Corporation options resulted in establishing a new 90-day call volume record, where 19,393 call contracts exchanged hands between the buyers and the sellers. A total of 9,896 put and 19,393 call contracts was traded raising a 0.51 put/call ratio on shares of PCX
Investors use options to manage risk and to speculate on price changes. Options can provide significant leverage if the stock moves in the right direction but aslo end up worthless if it doesn't.
Patriot Coal Corporation is trading at $1.84, up $0.46 (+33.33%) in today's trading session. The daily low is $1.41 and the high is $1.86. The trading volume of 17M is above the average volume of 9M shares. PCX is trading below the 50 day moving average and lower than the 200 day moving average. The stock's 52 week low is $1.02 and 52 week high is $24.99. To date, the stock has lost -77.27% within the last quarter.
NEW YORK (AVAFIN) -- Trading of Patriot Coal Corporation options resulted in establishing a new 90-day call volume record, where 19,393 call contracts exchanged hands between the buyers and the sellers. A total of 9,896 put and 19,393 call contracts was traded raising a 0.51 put/call ratio on shares of PCX
Investors use options to manage risk and to speculate on price changes. Options can provide significant leverage if the stock moves in the right direction but aslo end up worthless if it doesn't.
Patriot Coal Corporation is trading at $1.84, up $0.46 (+33.33%) in today's trading session. The daily low is $1.41 and the high is $1.86. The trading volume of 17M is above the average volume of 9M shares. PCX is trading below the 50 day moving average and lower than the 200 day moving average. The stock's 52 week low is $1.02 and 52 week high is $24.99. To date, the stock has lost -77.27% within the last quarter.
Oh yea I wonder what the short % is after today's covering.
SA for the longest time has been so negative on this stock, I hope them and some of there followers got burned today for shorting this so much. Hell I bet they were loading the boat and telling everyone not to buy.
The judge in the case is the one who says how much lawyers get. Any class action suit it's up to the judge to make the call.
as long as you have a loss your in.
thanks for the kind words and support. A few of us here are working on something and hope to release the news soon. Have a safe and fun 4th of july.
Correct it never reached that high.
Well its at $1.87 AH so it must have sold maybe...
PCX MONTER! Now we wait for news hopefully! Happy trading and Happy 4th to everyone, have a safe holiday and god bless!
What a day! Closed nice and strong. No we wait for news. Enjoy the holiday everyone, God Bless and good luck trading.
Trying to make a push for the HOD. LETS gooooooo
We got a battle going on at $1.80-1.82
Coal will make a come back, We had an unusual warm winter and now we are entering a very nice hot summer to start.