Patriot Coal (PCX) shares lost 9.3 percent, to $12.40, post-earnings yesterday and a noteworthy trade surfaced late when a strategist apparently bought the Jan 11 – 20 call spread at $2.61, 6950X. Open interest indicate new positions in both legs and therefore a spread that makes its best profits if shares rally 61.3 percent through the January 2011 expiration. Shares are down another 24 cents to $12.16 this morning after BMO Capital cut PCX to Market Perform from OutPerform.