Amvest still not talking; analyst lauds deal
For the second day in a row, the woman who answers the phone for Amvest Corporation declined to put the Hook in touch with anyone from the company to address what will happen to the 50 or 60 jobs that won't be moving to Consol Energy, the company buying many coal assets of Amvest.
Meanwhile, however, Josh Haggerty, a Scott & Stringfellow analyst, noted that while coal stocks were generally down yesterday, his company's position in Consol seemed to be paying off. On the day that Peabody Energy, for instance, was down nearly four percent, Consol rose slightly on news of the acquisition.
Haggerty calls the take-over an "accretive" acquisition because it will boost earnings. Noting that America's vast reserves make it "the Saudi Arabia of coal," Haggerty says coal potentially could offer an "easing of geopolitical tensions if we could use coal more efficiently."