Coal stocks slide on downgrade (Investor's Business Daily)
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Alpha Natural Resources (NYSE:ANR - News) and Patriot Coal (NYSE:PCX - News) stocks fell 3.7% and 4.6%, respectively, after Citigroup downgraded them. Meanwhile, rival Puda (AMEX:PUDA - News) plunged 17.5% to 12.04 after it announced plans to offer 7.85 mil more shares at $12 each. The sale will raise $94 mil, but significantly dilutes per-share profit of existing shareholders. Although Citi raised its rating on Peabody (NYSE:BTU - News), the largest U.S. coal producer, it still fell 1.3%. IBD's coal group had surged 67% since July 1 due to strong demand from China.
