- The stock price of Peabody Energy Corporation (NYSE: BTU) fell by over 18% during intraday trading today. This is why it happened.
The stock price of Peabody Energy Corporation (NYSE: BTU) fell by over 18% during intraday trading today. Investors appear to be responding negatively to coal futures in China falling 8% to their downward limit in night trading.
This sell-off happened after the National Development and Reform Commission (NDRC) noted that government intervention in coal prices was discussed at a meeting of major coal producers, the industry association, and the China Electricity Council today.
The state planner was looking for ways to intervene and bring the record high prices of fuel back down to a reasonable range, according to Reuters.
Peabody Energy is known for engaging in the coal mining business in the United States, Japan, Taiwan, Australia, China, India, Vietnam, South Korea, and internationally.
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