Why did Coronado Global Resources (CRN) shares crash today?
CRN -7.05%: shares in the coal miner were on the back foot today after announcing potential takeover talks with US giant Peabody had ended without a proposal. While there was no reason provided, Peabody has recently taken issue with Queensland’s royalty tax changes, while Coronado’s lack of thermal coal was also thought to be a sticking point. Coronado announced plans to move back into thermal coal with the CEO talking up the long-term price support, currently trading at a premium to coking coal.
Wondering what Market Matters are buying and selling today?
Market Matters breaks down the latest financial developments into simple, actionable opinion that our members can rely on. We give our community access to some of the most trusted financial professionals in Australia and crucially, we invest in our own portfolios – putting real money where our mouth is.
Led by James Gerrish, the Market Matters Investment Team has decades of market experience, and every day we’ll give you our take on the market. With in-depth market analytics, clear buy, hold and sell actions members can quickly see the stocks we like, the stocks we don’t and the history behind every one of our decisions.
See for yourself – take an obligation free 14 day trial of our service – here.
