Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Peabody Energy
So what: Peabody released earnings this morning, and there really wasn’t a lot to complain about. Revenue rose 9% to $2.04 billion, and adjusted earnings per share were $0.87, both beating estimates.
In other news, early in the day ArcelorMittal
Now what: It appears the acquisition of Macarthur is moving forward as planned, but this was definitely an unexpected announcement. A $5 billion acquisition is a lot for Peabody to swallow, so we’ll have to see if any changes ensue.
But earnings were very good, so I don’t see a big reason to jump ship today.
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