Patriot Slumps After Reporting Reduced Output, Higher Costs
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Patriot Coal Corp., the U.S. coal producer spun off from Peabody Energy Corp. in 2007, fell as much as 9 percent after reporting third-quarter production will be reduced by 450,000 tons and costs will be higher than previously forecast.
Patriot fell $1.41, or 9.8 percent, to $12.92 at 11:23 a.m. in New York Stock Exchange composite trading. Shares have dropped 26 percent this year before today.