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at MarketWatch.com (Mar 4, 2013)
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at CNBC.com (Jan 16, 2013)
at MarketWatch.com (Dec 3, 2012)
at CNBC.com (Nov 6, 2012)
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at CNBC.com (Oct 12, 2012)
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Fri, May. 16, 5:03 AM
- The White House is considering forcing power plants to cut carbon emissions by 25% over a 15-year period, Bloomberg reports.
- The problem is that owners can only cut so much of a facility's emissions by increasing efficiency, so a lot of the reduction could have to come by "going outside the fence," such as by deepening the use of renewable energy, improving grid efficiency and encouraging customers to use less electricity.
- Trying to compel operators to rely on such external measures could run afoul of what the government is allowed to do under the Clean Air Act.
- ETFs: KOL, XLU, IDU, VPU, RYU, PUI, UPW, FXU, SDP, PSCU, FUTY, UTLT
- Coal Tickers: PCXCQ, BTU, WLT, CNX, ACI, ANR, JRCC, YZC, ARLP, AHGP, NRP, PVR, PVG, PVA, OXF, CLD, WLB, RNO
- Utilities: ED, POM, PEG, FE, NST, UTL, ETR, EXC, D, NU, PCG, DUK
Mon, May. 12, 12:49 PM
- Morgan Stanley analysts are calling a bottom in coal mining stocks (KOL +2.5%), seeing a recovery in the thermal coal market pulled forward by the recent polar vortex and extreme cold; inventories have been falling rapidly, and the firm believes thermal coal prices will continue to rise.
- Peabody Energy (BTU +2.6%) is viewed as the best way to play the "modest recovery," believing it offers the least downside risk and little value has been assigned to its met portfolio; BTU also has large exposure to preferred thermal coal basins and boasts potential for increased capital return as market conditions improve.
- The report is a big boost to coal shares today: ANR +6.5%, WLT +4.5%, ACI +4.7%, CLD +1.4%.
Tue, May. 6, 10:44 AM
- Climate change is having a present-day, negative impact on Americans' everyday lives and is damaging the U.S. economy, and calls on governments to find ways to lower emissions, particularly from energy production, according to a new National Climate Assessment report.
- But you can't expect people to willingly reduce their standard of living, so even as the U.S. turns away from coal, there are ready markets for America’s coal across the globe.
- Coal is so cheap that it is likely for many years to be the cornerstone for many nations’ energy policies: U.S. coal offers much of Europe a less expensive alternative than coal from nearby mines even including transportation costs, Japan looks to spend billions of dollars on new coal-fired plants, while coal is likely to be the fuel of China into the foreseeable future.
- ETFs: XLE, ERX, KOL, VDE, OIH, ERY, DIG, PBW, DUG, IYE, QCLN, GEX, PBD, PXJ, ICLN, PXI, PZD, PSCE, FENY, RYE, PUW, FXN, DDG, HECO
Tue, Apr. 15, 2:26 PM
- The D.C. Court of Appeals upholds EPA regulations requiring power plants to limit emissions hazardous air pollutants, siding with the EPA's determination that its regulations were appropriate and necessary.
- The 2-1 court majority rejects arguments the agency should have considered the costs of its regulations before moving forward, while the dissenting judge warns the costs of the EPA regulations would amount to more than $9B/year.
- Related tickers: KOL, BTU, WLT, CNX, ACI, ANR, JRCC, YZC, PCXCQ, ARLP, NRP, PVR, PVA, OXF, CLD, WLB
Wed, Apr. 9, 7:57 AM
- Yesterday's gains for coal stocks (KOL) on the back of Consol Energy's (CNX) upgraded coal outlook could be wiped out in early trading, as UBS downgrades Alpha Natural Resources (ANR), Walter Energy (WLT) and Arch Coal (ACI) to Sell from Neutral (I, II, III).
- UBS sees lower met coal price forecasts due to oversupply issues and the lower than expected Q2 benchmark settlement; the firm expects stressed balance sheets and accelerated cash burn, which could result in a 2016 liquidity crisis.
- The firm says pure-play WLT has the highest met coal leverage in its coverage, while ANR and ACI also have high EPS sensitivity to changes in the met coal price.
- Price targets are lowered to $3 from $5 for ANR, $5 from $8 for WLT, and $3 from $5 for ACI.
- ANR -3.7%, WLT -3.2%, ACI -2.7% premarket.
Tue, Apr. 8, 10:42 AM
- Consol Energy's (CNX +3.6%) upgraded coal outlook is lifting coal names higher across the board: ANR +9.2%, WLT +7.4%, ACI +5.6%, YZC +5.2%, BTU +3.8%, WLB +3.1%, OXF +3%, CLD +2%, KOL +1.9%.
- Stifel raises its CNX target price to $46 from $45, reflecting the strong market for northern Appalachian thermal coal, offsetting a weaker pricing and volume outlook for met coal (Briefing.com).
Fri, Apr. 4, 4:17 PM
Wed, Apr. 2, 3:58 PM
- Coal stocks are higher after the head of BHP Billiiton's (BHP +0.9%) coal division said he expects world demand for coal to increase for decades to come, and that most demand growth for coal will come from outside China, which has been the primary driver of global commodity prices in recent years.
- The BHP exec also noted that coal demand in Europe is rising as nuclear plants are set to shut down and countries reduce their imports on Russian energy.
- The Market Vectors Coal ETF (KOL +0.7%) has gained 3.2% over the past week and is trading above its 200-day moving average, but the ETF is still down 4.2% YTD.
- JRCC +20.5%, OXF +4.5%, WLT +2.2%, CNX +2.1%, CLD +2%, ANR +1.9%, BTU +1.4%, YZC +0.6%, ACI -0.2%, WLB -1.2%.
Wed, Apr. 2, 9:18 AM
- BHP Billiton (BHP) coal president Dean Dalla Valle expects little near-term improvement in coal prices (KOL), believing the market likely will remain oversupplied for some time, but remains optimistic about long-term demand.
- Dalla Valle expects most demand growth to come from outside China, which has been the primary driver of global commodity prices in recent years and now accounts for about half of the world's coal consumption.
- "These recent drops in prices should be viewed in perspective," given prices still remain well above historic lows, Dalla Valle says, while not ruling out selling some coal mines, such as mines in South Africa and its stake in the Cerrejon mine in Colombia.
Sat, Mar. 29, 8:25 AM
- The Obama administration is proposing rules to cut methane emissions at sites from landfills to coal mines, laying the groundwork for regulations that could affect the energy and agriculture industries.
- The first big target is the oil industry, with new Interior Department regulations coming later this year to curb venting and flaring of natural gas at wells on public lands and further air mandates possible from the EPA by 2016.
- The oil industry says energy firms already are taking steps to plug methane leaks and capture natural gas flowing out of oil wells, and that additional regulations "could have a chilling effect on the American energy renaissance."
- Agriculture accounts for 36% of human-related methane produced in the U.S., yet proposals for curbing gas emitted by livestock rely strictly on voluntary measures that are largely already under way.
- ETFs: XLE, ERX, KOL, OIH, VDE, ERY, FCG, XOP, DIG, DUG, GASL, FRAK, XES, IYE, IEO, IEZ, GASX, PXE, PXJ, PXI, PSCE, FENY, FXN, RYE, DDG
Fri, Mar. 21, 10:35 AM
- Walter Energy (WLT +6.2%) bounces from yesterday's plunge, with Morgan Stanley's Evan Kurtz saying Wednesday's debt offering gives the company sufficient liquidity to make it into 2017 even if the price of met coal doesn't recover.
- The met coal weakness - with spot prices below cash costs of 89% of global seaborne producers - is unsustainable in the view of his team, but nevertheless, it's altered its bear case to a world where prices never again rise above $160 per ton. In this instance, the PT on WLT would be $2.
- Others bouncing today: Arch Coal (ACI +2.6%), Alpha Natural Resources (ANR +2.4%), Peabody Energy (BTU +1.1%), Consol Energy (CNX +0.9%).
- KOL +2.5%
Thu, Mar. 20, 8:15 AM
- Walter Energy (WLT) -11.4% premarket as BofA/Merrill comes out deeply negative on the coal sector (KOL), expecting depressed fundamentals over the next several years due to oversupply and reluctance to shut capacity.
- On WLT, the firm fears the company is likely to face liquidity issues and cuts its price target on the shares to $2 from $8 "even assuming what we believe to be a best-case cost scenario."
- ACI -2.5%, BTU -2.3%, ANR -1.5% premarket.
Fri, Mar. 7, 12:39 PM
- Alpha Natural Resources (ANR -9.4%) is hit hard after Goldman Sachs last night cut its rating on the shares to Sell and lowered its price estimates for coal; other sector names are following suit.
- Goldman also cut its price estimate for met coal this year to $141/metric ton from $150 and lowered projections for next year and 2016 following increased Australian output, an expected slowdown in the growth of Chinese imports, and “limited U.S. supply rationalization."
- The firm maintains a Neutral rating on Walter Energy (WLT -5.6%) but cuts its price target to $10 from $12.
- Also: BTU -4.2%, ACI -4%, CNX -1.5%, OXF -1.6%, JRCC -1.5%, CLD -0.7%, KOL -2.1%.
Fri, Jan. 10, 4:31 PM
Wed, Jan. 8, 4:53 AM
- Leading members of the House and Senate appropriations committees met yesterday as they sought to reach a deal on how to spend the $1.01T that Congress approved for this fiscal year.
- Negotiators are working on final sticking points involving healthcare and military spending, although they only have until January 15 to avoid another government shutdown. There's talk of a short-term measure lasting just days to avoid that scenario.
- Any defense cuts could affect government contractors such as Lockheed Martin (LMT), Boeing (BA) and General Dynamics (GD).
- Legislators are also discussing whether to include House-proposed limits on EPA regulations that are opposed by the coal (KOL) and agriculture sectors.
- Top coal names: BTU, ACI, ANR, CLD, CNX, JRCC, WLT.
Tue, Jan. 7, 4:58 PM
- Coal stocks (KOL) had a terrible 2013 amid much improved second halves, but with coal getting hit early this year, Ben Levisohn wonders if the coal boomlet has run its course.
- The commodity currencies remain under pressure in a well supplied commodities market and weakening Chinese growth, J.P. Morgan's John Bridges explains, as the firm lowers its coking coal benchmark forecasts by $10/ton for 2014 and 2015; however, rail companies may relinquish some margin to support U.S. met coal after benefiting from sharply higher freight rates as the coking coal price peaked.
- In today's trade, ANR -6.3%, CNX -1.4%, BTU -1%, ACI -2%, WLT -4.5%, JRCC -2.1%.
- Yesterday: Despite the gas boom, U.S. coal isn't dead.
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