Walter Energy, Inc. (NYSE:WLT)’s shares gained 0.73% to $5.55. Walter Energy’s stock price target was lowered to $3 from $5 at Goldman on June 6 and reiterates its Sell rating citing downside risk to its met coal price forecast.
Additionally, the company on June 2 issued the following statement this morning regarding the release of EPA’s CO2 emission limits regulations for existing power plants: “Because the rules issued by EPA are aimed at controlling CO2 emissions from existing domestic power plants, we do not expect the regulation will have any material impact on Walter Energy. We primarily mine and sell metallurgical grades of coal that are used in making steel, not generating electricity. Approx. 95% of the company’s coal-related revenues come from the export of metallurgical coal.”
AK Steel Holding Corporation (NYSE:AKS)’s shares dropped 2.11% to $7.44. The company on June 11 said that it plans to release its second quarter 2014 financial results before the opening of trading on the New York Stock Exchange on July 29, 2014.
Additionally, the company on June 19 provided guidance for its second quarter 2014 financial results. AK Steel said it expects to report a net loss of $0.19 to $0.23 per diluted share of common stock, which is a substantial improvement over its first quarter results. Adjusted to exclude the loss of $0.17 per diluted share for mark-to-market losses on derivatives, the company’s adjusted net loss for the second quarter would be $0.02 to $0.06 per diluted share.
Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA)’s shares gained 0.31% to $6.57. The company announced that its Annual Meeting of Stockholders will be webcast live on June 25, 2014.
Additionally, the company on June 12 announced the pricing of $200 million aggregate principal amount of its 3.625% convertible senior notes due 2019 (the “Notes”) in a private placement. The Notes will be offered by the initial purchasers only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”).