Alpha Natural Resources (ANR) with another impressive intraday move. The stock hit a low of $7.68 this morning, but is now up 59 cents to $8.47 and 10.3 percent off session lows on volume of 17.7 million shares, which is about 4 million more than expected for midday. 21,000 options traded on the coal producer — in line with recent activity levels. Recent trades include 1000 Nov 10 calls for 39 cents per contract. It coincided with a sweep of 1,634 Jan 9 calls on Arch Coal (ACI) which is up 21 cents to $7.83. The sector was weak this morning on disappionting guidance from CNX, but things are possibly heating up for the coal names midday. JRCC also seeing relative strength — up nearly 10 percent.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.