Patriot Coal Drops Precipitously On Mine Closure

Patriot Coal reported that its operating subsidiary, Eastern Associated Coal, LLC, has terminated mining operations at its Harris No. 1 mine near Wharton, West Virginia as a result of sudden adverse geologic conditions in the primary conveyor belt and travel entries of the mine. The Company determined that the current and anticipated geologic conditions have caused continued mining operations to become impractical. Therefore, the Company intends to permanently close the mine.

On the news, shares of Patriot Coal are down 13.5%.

Brunswick Corporation , a recreation products company, and Alpine Total Dynamic Dividend Fund are both seeing their shares down today on heavy volume. Brunswick is off by more than 8.5% and Alpine is down more than 9.5%.

Big Lots was downgraded by JP Morgan from overweight to neutral based on consumer spending trends, and insider selling.

Big Lots shares are down 7.5%.

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