Alpha Slumps as Profit Misses Estimates on Massey Takeover
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Alpha Natural Resources Inc., which bought Massey Energy Co. for $7.1 billion in June, slumped to the lowest price in almost 14 months after missing analyst estimates and saying the acquired company’s legacy contracts were priced below market value.
Alpha fell $6.84, or 17 percent, to $33.24, in New York Stock Exchange composite trading, the lowest price since June 9, 2010, and the steepest one-day decline since Dec. 18, 2008. The shares have fallen 45 percent this year.