Coal miner Alpha’s Q4 profit rises, stock soars
NEW YORK, Feb 9 (Reuters) – Coal miner Alpha Natural Resources Inc <ANR.N> posted a higher quarterly profit on Tuesday and raised its forecast for steel-making coal shipments, beating estimates and sending its stock up 7 percent.
Chief Executive Officer Kevin Crutchfield also told Wall Street analysts there were encouraging signs of demand picking up in the market for thermal, or steam coal, which is used for power generation.
“The last few months have led us to conclude that this improving thermal market could be coming at us faster than we initially anticipated,” he said on a conference call to discuss fourth-quarter earnings.
Initially, he said, Alpha expected an improvement in U.S. thermal coal markets in the second half of 2010. But, he noted fourth-quarter gross domestic product grew by 5.7 percent.
Neil Sedaka looks back with new album
NEW YORK (Reuters) – Neil Sedaka was one of rock ‘n roll’s first superstars with hits like “Happy Birthday, Sweet Sixteen,” “Oh! Carol,” “Calendar Girl,” “Breaking Up is Hard to Do,” and “Laughter in the Rain.”
Now, after more than half a century singing and writing songs, he looks back at his legacy with an album, “The Music of My Life,” containing original new songs.
Sedaka, 70, the son of a Brooklyn cab driver, spoke to Reuters about his life and how he went from studying classical piano to becoming the soundtrack of the fledgling rock ‘n roll generation.
Q: You have written over 1,000 songs, what was the first?
Air, water rules to raise energy prices-Consol CEO
NEW YORK, Jan 28 (Reuters) – Increased legislative or regulatory crackdowns on carbon emissions and water pollution will likely drive up the price of energy for consumers, the head of a major U.S. coal producer warned on Thursday.
“I’m concerned about two things,” Brett Harvey, president and CEO of Consol Energy Inc <CNX.N> told Wall Street analysts.
“One is CO2 legislation; what does that really mean to the coal industry?” he asked during a conference call to discuss quarterly earnings.
“I think well-capitalized mines like we have will supply these big power plants for the next 25 to 30 years, no matter what. The question is: How much restraint’s going to be put on the utilities?”
Coal miner Consol beats estimates, upbeat on China
NEW YORK (Reuters) – Coal miner Consol Energy Inc <CNX.N> reported a better-than-expected fourth-quarter profit and forecast increased exports of steel-making coal to Asia and a doubling of natural gas production in five years.
Despite the upbeat outlook, the company’s shares fell 3.2 percent to $48.42 in afternoon trade on the New York Stock Exchange as stocks slumped broadly on concerns about the global economy.
President and Chief Executive Officer Brett Harvey said 2010 looked more promising than he thought possible only three months ago.
“The market’s changing and the demand for energy is coming out of Asia, especially China,” he told analysts on a conference call
Coal miner Consol beats estimates, upbeat on China
NEW YORK, Jan 28 (Reuters) – Coal miner Consol Energy Inc <CNX.N> reported a better-than-expected fourth-quarter profit and forecast increased exports of steel-making coal to Asia and a doubling of natural gas production in five years.
Despite the upbeat outlook, the company’s shares fell 3.2 percent to $48.42 in afternoon trade on the New York Stock Exchange as stocks slumped broadly on concerns about the global economy.
President and Chief Executive Officer Brett Harvey said 2010 looked more promising than he thought possible only three months ago.
“The market’s changing and the demand for energy is coming out of Asia, especially China,” he told analysts on a conference call
4th-qtr results show U.S. steelmakers face headwinds
NEW YORK, Jan 26 (Reuters) – U.S. steelmakers are making a slow recovery from the recession and still face rising raw material costs and other headwinds, quarterly results showed on Tuesday.
U.S. Steel Corp <X.N> posted its fourth consecutive quarterly loss and forecast more red ink in the current quarter, sending its shares down 11.77 percent to $49.61 on the New York Stock Exchange.
Nucor Corp <NUE.N> moved into the black after three quarters of losses but said demand was still hampered by weak markets, especially in the construction sector. Nucor’s stock finished down 1.29 percent at $43.56.
Nucor’s Chief Executive Officer Dan DiMicco told analysts on a conference call: “Our view remains that real demand is in for a long, slow recovery.
For Neil Sedaka, breaking up a career is hard to do
NEW YORK (Reuters) – As Neil Sedaka puts it, he’s the king of tra-la-las and doo-be-doos.
And why not? When Tin Pan Alley ruled the world of pop music, Sedaka was one of the songwriters churning out hits in New York’s legendary Brill Building that helped pre-Beatles teenagers go to the hop, fall in love and break up.
The singer also topped the charts as a teen idol in his own right with “Happy Birthday, Sweet Sixteen,” “Oh! Carol,” “Calendar Girl,” and “Breaking Up is Hard to Do,” selling 35 million records in the early days of rock ‘n’ roll.
Now, 50 years later, with over 1,000 songs to his credit, he has recorded “The Music of My Life,” an album of original songs he performs that hit stores on Tuesday.
AK Steel profit beats Street view, shares up
NEW YORK (Reuters) – AK Steel Holding Corp <AKS.N> posted a fourth-quarter profit on Monday and forecast higher prices, as demand — especially from the auto industry — shows signs of growth after more than a year of recession.
The turnaround from a net loss a year earlier handily beat Wall Street expectations and AK Steel’s stock rose 6 percent. The company said it was now operating at 85 percent capacity after cutting back as low as 50 percent last year.
“We expect a much-improved 2010 as compared to 2009,” Chairman, President and Chief Executive Officer James Wainscott told analysts on a conference call.
“Our annual sales volumes for 2010 should be about 40 percent higher than 2009 … We are seeing an improvement in overall demand from our customers.”
AK Steel profit beats Street view, shares up
NEW YORK, Jan 25 (Reuters) – AK Steel Holding Corp <AKS.N> posted a fourth-quarter profit on Monday and forecast higher prices, as demand — especially from the auto industry — shows signs of growth after more than a year of recession.
The turnaround from a net loss a year earlier handily beat Wall Street expectations and AK Steel’s stock rose 6 percent. The company said it was now operating at 85 percent capacity after cutting back as low as 50 percent last year.
“We expect a much-improved 2010 as compared to 2009,” Chairman, President and Chief Executive Officer James Wainscott told analysts on a conference call.
“Our annual sales volumes for 2010 should be about 40 percent higher than 2009 … We are seeing an improvement in overall demand from our customers.”
Freeport-McMoRan posts Q4 profit, but stock slips
NEW YORK, Jan 21 (Reuters) – Freeport-McMoRan Copper & Gold Inc <FCX.N> posted a quarterly profit on Thursday, reversing a year-ago loss, but its forecast of lower copper and gold production this year sent its stock down over 7.7 percent.
Although earnings easily beat Wall Street estimates on soaring metal prices and cost cuts, and the company announced plans to reopen some idled mine operations, Freeport said it would sell less of its two main metals this year.
Chief Executive Officer Richard Adkerson said that while he was “very positive” about the long-term prospects for copper, the company was holding back on major project developments until he saw more signs of improving economies and demand.
Freeport shares were down 7.7 percent to $77.09 in afternoon trading on the New York Stock Exchange on a day when the Dow was also down over 2 percent.
