Shares of Alpha Natural Resources Inc. (NYSE: ANR), a supplier and exporter of metallurgical coal for use in the steel-making process and a supplier of thermal coal to electric utilities and manufacturing industries across the country, rose sharply in trading today.
ANR shares ended the day 15.08% higher at $7.25 on above average volume of 30.84 million. The stock touched an intra-day high of $7.36. ANR shares are down more than 9% in the last one month.
ANR shares surged today even as the company posted a huge loss in its second-quarter. For the second quarter of 2012, ANR reported a loss of $2.2 billion, or $10.15 per diluted share, compared with a loss of $50 million, or $0.32 per diluted share reported for the same period in the previous year.
Excluding one-time items, ANR reported a net loss of $72 million, or $0.33 per diluted share, compared to adjusted net income of $152 million, or $0.97 per diluted share reported for the same period in the previous year.
ANR reported EBITDA loss of $2.4 billion in the second quarter, compared with positive EBITDA of $109 million reported for the same period in the previous year.
Kevin Crutchfield, Chairman and CEO of Alpha Natural Resources, said that these are extremely challenging times in the U.S. coal industry, with softness in both thermal and now the metallurgical coal markets and the pace at which the fundamentals changed. Crutchfield said that ANR has taken deceive actions to ensure that its business is both well-suited to today’s demand environment and efficient enough to provide the company with the flexibility to ramp-up its world-class asset base once market conditions improve.
For the full year, ANR expects total shipment volumes of 100-115 millions tons, which includes 20-23 million tons of Eastern metallurgical coal, 38-44 million tons of Eastern steam coal, and 42-48 million tons of Western steam coal.
Shares of Genomic Health Inc. (NASDAQ: GHDX), a molecular diagnostics company focused on the global development and commercialization of genomic-based clinical laboratory services, soared in trading today.
GHDX shares ended the day 15.61% higher at $36.22 on above average volume of 747,688. The stock touched an intra-day high of $36.43.
GHDX today reported its second-quarter financial results and also provided an update on its business. For the second quarter ended June 30, 2012, GHDX reported total revenue of $57.6 million, compared to $50.8 million reported in the second quarter of 2011. The company’s product revenue for the quarter was $57.2 million, compared to $50.5 million reported for the same period in the previous year.
GHDX reported net income of $1.8 million for the second quarter of 2012, compared to $2.3 million reported for the same period in the previous year.
Kim Popovits, Chairman, CEO and President of Genomic Health, said that GHDX delivered strong worldwide growth in test volume across all products, notably from new markets including DCIS breast cancer, colon cancer, and international. Popovits further said that GHDX’s growth in tests and revenue, along with net income generated in the quarter, continues to exemplify the strength of its business model and looking ahead, the company remains on track to report topline results from its prostate cancer clinical validation study later this year with the goal of launching an Oncotype DX test for prostate cancer patients in 2013.
For the full year, the company expects total revenue to be between $230 million and $240 million. Net income for the full year is expected to be between $5 million and $8 million before an incremental loss of around $1 million in InVitae.
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