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Coal shares (KOL -2.9%) slump as Patriot Coal (PCX -8%) is cut to Fair Value from Buy at...

Coal shares (KOL -2.9%) slump as Patriot Coal (PCX -8%) is cut to Fair Value from Buy at CRT Capital in light of uncertainty around its refinancing status and weak cash flow outlook. The firm assigns 50-50 odds to two scenarios: the company files for Chapter 11 by year's end, or the liquidity crisis is averted. PCX and other coal names had gained yesterday after Goldman's kind words.
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