Peabody Energy Corporation (BTU)

[LouisDesyjr]

$0.70/$0.80 bid/asked in premarket

No shares have traded yet today, and I am not sure if premarket trading is available under the symbol BTUUQ but the bid/asked is $0.70/$0.80, so IF the shares opened, it would be off about $1.20 or a little more than 50%.

I don't think we are going to get a bounce, because they announced the filing and the DIP financing in the same press release.

ACIIQ did have a big drop and then spike, but that was mostly because there was some days between the Chap 11 filing and the DIP finacing; so the stock dropped big on the Chap 11 announcement and then ran up big when the retail market piled in on the DIP financing that they thought was going to save the old common shares.

Here, they made both at the same time, so I expect the Chap 11 dumping will swamp anyone buying because of the DIP financing.

Louis J. Desy Jr.

Disclosure: I own put options.