Alpha Metallurgical Resources Inc (AMR)

Shares of Alpha Metallurgical Resources (AMR) dropped by 10.57% from $250.41 to $223.49 in the trading on Thursday, October 12, 2023. The reason why AMR stock down include:

• Higher-than-expected CPI: On October 12, a report revealed that September's Consumer Price Index (CPI) inflation came in at 3.7%, surpassing expectations of 3.6%. Core CPI inflation stood at 4.1%, in line with expectations. This higher inflation raised concerns among investors about a potential interest rate hike by the Federal Reserve, leading to a broader decline in the stock market, including AMR stock.
• Challenges at Alpha Metallurgical Resources: According to the company's announcement on preliminary sales volume and realizations for Q3 and full year 2023 guidance, Alpha faced a challenging third quarter, including weather-related vessel delays, mechanical issues affecting coal shipment, and selling lower-priced tons early in the quarter. These factors impacted their financial performance: Alpha revised its 2023 metallurgical coal shipment guidance downward and increased Met segment cost of coal sales guidance. In additions, the company disclosed commitments for 4.0 million tons of metallurgical coal in 2024.