VanEck Vectors Coal ETF(KOL)- NYSEARCA
  • Dec. 11, 2015, 4:15 PM
    | Dec. 11, 2015, 4:15 PM
  • Dec. 8, 2015, 7:12 PM
    • The Obama administration is concerned that the self-bonding coal mine cleanup program could leave taxpayers with multibillion-dollar liabilities, a U.S. Interior Department official says.
    • Self-bond liabilities totaling ~$3.6B could fall to taxpayers and righting the program "is a huge priority," the official says, according to Reuters.
    • Alpha Natural Resources (OTCPK:ANRZQ) left behind more than $670M in self-bond liabilities when it filed for bankruptcy in August, and the government has not determined how best to protect taxpayers from the hit.
    • Relevant tickers: KOL, BTU, ACI, CLD, WLB, CNX
    | Dec. 8, 2015, 7:12 PM | 33 Comments
  • Dec. 8, 2015, 2:34 AM
    • As the climate summit in Paris enters its final week, clean energy stocks have gained little ground, and several fund managers say they have not been doing any additional buying as a result of the meeting.
    • "I have quite low expectations of anything meaningful" for the near term, said Edward Guinness, portfolio manager at the Guinness Atkinson Alternative Energy Fund.
    • Even if the talks see big commitments for alternative energy development, money won't start flowing for several years and many of the pledges are aimed at early stage projects not run by public companies.
    • Previously: Leaders press for climate breakthrough in Paris (Dec. 01 2015)
    • Previously: World leaders gather for UN climate conference (Nov. 29 2015)
    | Dec. 8, 2015, 2:34 AM | 3 Comments
  • Dec. 3, 2015, 6:22 PM
    • In a precedent-setting verdict, a federal jury today convicted former Massey Energy CEO Don Blankenship of conspiring to violate federal safety laws in connection with a 2010 coal mine explosion that killed 29 miners.
    • Relatives of those killed and prosecutors praised the decision, even though the jury acquitted Blankenship of making false statements and of securities fraud.
    • Blankenship is believed to be the first top executive of a major U.S. corporation to be convicted of workplace safety-related charges brought after a deadly industrial accident.
    • Blankenship faces a maximum $250K fine and up to a year in prison; sentencing is set for March 23.
    | Dec. 3, 2015, 6:22 PM | 1 Comment
  • Dec. 1, 2015, 4:04 AM
    • World leaders are urging a breakthrough in the UN climate conference in Paris, calling for a "decisive turn in the fight against global warming."
    • While some are voicing concerns regarding the form of a potential agreement, others are arguing that the quality of the deal reached is more important than whether its legally enforceable.
    • As the summit continues into a second day, the capitals of the world's two most populous nations, China and India, were blanketed in hazardous smog, with Beijing on an "orange" pollution alert, the second-highest level.
    • Previously: World leaders gather for UN climate conference (Nov. 29 2015)
    | Dec. 1, 2015, 4:04 AM | 10 Comments
  • Nov. 29, 2015, 10:01 AM
    • Leaders from nearly 150 countries are gathering in Paris this weekend to discuss a possible new global agreement on climate change.
    • The conference, known as COP21, starts on Monday and will try to craft a long-term deal to reduce greenhouse gas emissions.
    • One key problem is what form an agreement will take. The U.S. for instance will not sign up to a legally binding "treaty" as there would be little hope of getting it through a hostile Congress.
    | Nov. 29, 2015, 10:01 AM | 87 Comments
  • Oct. 30, 2015, 4:24 PM
    | Oct. 30, 2015, 4:24 PM | 13 Comments
  • Oct. 16, 2015, 5:15 PM
    • Arch Coal (NYSE:ACI) and Peabody Energy (NYSE:BTU) have "a reasonable likelihood of default," Fitch Ratings says, noting that bankruptcy filings from both companies would leave 55% of average coal industry debt in default.
    • An ACI default is "more likely," Fitch says, expecting a bankruptcy filing or default triggered by a missed interest payment before year-end, while BTU is "marginally less dire given its lack of near term maturities and sufficient liquidity to sustain operations for the time being, but there is substantial credit risk."
    • Although a potential 55% coal bond default rate is "enormous," Fitch says coal debt is just a $15B slice of the $1.43T junk bond market.
    | Oct. 16, 2015, 5:15 PM | 31 Comments
  • Oct. 12, 2015, 10:56 AM
    • Electricity producers are largely planning to comply with, not contest, the Obama administration’s new rule limiting carbon emissions from power plants, believing the new regulations at least add certainty to their plans to move away from coal to generate electricity toward cheap natural gas and renewable energy, WSJ reports.
    • "Everybody is moving in this direction anyway,” Dominion (NYSE:D) CEO Tom Farrell says.
    • "Our coal assets are still running but they’re not making any money," says CEO Bob Flexon of Dynegy (NYSE:DYN), whose generating capacity is ~45% coal and 55% gas. “All the earnings are coming from our gas portfolio."
    • Certainly not every utility has agreed to go along with the EPA’s 15-year plan to cut carbon dioxide emissions from the power industry by 32% from 2005; among those who say they are still studying the rule and deciding on next steps are DUK, AEP and SO.
    | Oct. 12, 2015, 10:56 AM | 40 Comments
  • Oct. 9, 2015, 4:15 PM
    | Oct. 9, 2015, 4:15 PM | 2 Comments
  • Oct. 6, 2015, 7:11 PM
    • Most utilities that are able to switch to cleaner burning and cheaper natural gas already have done so, BB&T Capital said in a new report that may have helped propel coal company stocks (NYSEARCA:KOL) to big gains today.
    • Newly implemented federal regulations prompted closures of several coal-fired power plants in 2015, and natural gas prices that have dropped 37% in the past year made that fuel more attractive than coal for electricity generation.
    • "The good news is that we can’t even fathom a fall in coal demand in 2016 that resembles anything like what happened in 2015,” BB&T's Mark Levin writes.
    • The worst case for coal next year is for demand to slide another 2%-4% rather than the 10% drop suffered in 2015, according to Levin, but Bloomberg analysts warn that coal producers may want to brace themselves as the flood of cheap gas flowing into power plants shows no signs of receding.
    • In today's trade: BTU +34.9%, ACI +33.3%, CLD +6.6%, ARLP +3.1%, CNX +1%, WLB -0.5%.
    | Oct. 6, 2015, 7:11 PM | 28 Comments
  • Oct. 1, 2015, 12:34 PM
    • Coal stocks (KOL -0.7%) are broadly lower after Moody's issues a weak forecast for the North American coal industry, saying the outlook "remains negative amid ongoing challenges for both metallurgical and thermal coal, including declining coal consumption and low met coal prices."
    • The ratings agency forecasts a ~10% Y/Y decline in the industry's EBITDA for 2016, following the 25% drop it anticipates for 2015.
    • BTU -10.7% after allowing for a 1-for-15 reverse split that took effect today; also ACI -5.4%, CNX -6.4%, WLB -5.1%, CLD -3%, ARLP -0.7%.
    | Oct. 1, 2015, 12:34 PM | 10 Comments
  • Sep. 25, 2015, 4:10 PM
    | Sep. 25, 2015, 4:10 PM | 8 Comments
  • Sep. 18, 2015, 10:28 AM
    • The head of BHP Billiton's (BHP -1.2%) coal business paints a bleak picture for the coal mining sector (NYSEARCA:KOL), saying depressed prices likely will continue to plague the industry for several more years as miners continue to produce too much supply and China’s economy slows.
    • "In BHP Billiton’s coal business, we made a 3% return on capital in our Australian assets last year and that’s at the good end of the industry spectrum,” says coal president Mike Henry.
    • Still, Henry says he is optimistic that the market will improve eventually, since there is no practical substitute for metallurgical coal in steelmaking, which means prospects should improve as an oversupply of steel is run down and demand grows among emerging economies.
    • Henry also worries the industry is losing the public relations battle to the green lobby for the support of investors and the public, and that weaker returns driven by lower prices are reinforcing an incorrect perception that coal’s outlook is bleak.
    | Sep. 18, 2015, 10:28 AM | 3 Comments
  • Sep. 4, 2015, 3:56 PM
    • Today's plunge in Arch Coal (ACI -15.6%) perhaps is attributable to a new Bloomberg article that indicates distressed debt swaps may be a thing of the past.
    • ACI shares surged Monday after announcing that it had extended its debt exchange offer until Sept. 23, but apparently the company is having trouble completing the swap and cannot find enough shareholders who want to make the exchange.
    • Today's article says ACI's proposed deal with bondholders to swap some of their securities into higher-ranking and longer-dated debt is stuck in limbo after another group of lenders - concerned that the exchange would not save ACI and thinking they might be better off if the company filed for bankruptcy - moved to block it.
    • Some profit taking also may be at work, as the stock price has more than quadrupled in the past three weeks; also, J.P. Morgan came out with a negative outlook for coal prices (NYSEARCA:KOL), saying the U.S. thermal coal sector remains "subdued" because the oversupply of shale gas is putting severe pressure on U.S. natural gas prices.
    | Sep. 4, 2015, 3:56 PM | 15 Comments
  • Sep. 2, 2015, 3:23 PM
    • Volatility in U.S. coal equities (NYSEARCA:KOL) has reached the highest level since March 2010, as miners that fell more than 90% jumped to a two-week rally that abruptly ended yesterday when they slid as part of the stock market's wider selloff.
    • Short sellers are a big factor: Last week's bounce suggests short sellers were fleeing their positions, which pushed up prices - Peabody Energy (BTU -3.6%), for example, had averaged ~15M trades/day for a month before Thursday, when it totaled nearly 60M.
    • The companies also are trying to restructure their debt: After reports said Arch Coal (ACI +6.8%) was looking to compromise with lenders opposed to its proposed debt swap, and thus stave off the threat of bankruptcy, shares soared 633% in nine trading days.
    • But Bloomberg says ACI is having trouble completing the swap, with senior lenders still opposed, and bond traders do not think the deal would be enough to fend off a bankruptcy.
    • Also: CLD +1.3%, WLB +3%, ARLP -2.2%.
    | Sep. 2, 2015, 3:23 PM | 16 Comments
KOL Description
VanEck Vectors Coal ETF (KOL) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Coal Index (MVKOLTR), which is intended to track the overall performance of companies involved in coal operation (production, mining, and cokeries), transportation of coal, from production of coal mining equipment as well as from storage and trade.
See more details on sponsor's website
Country: United States
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