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Shares of Peabody Energy Drop After Layoff Announcement

TheMotleyFool

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Shares of Peabody Energy Drop After Layoff Announcement:

Shares of coal producer Peabody Energy Corporation (NYSE: BTU) ended up down 10.4% at the end of trading today. The drop came after the company announced it was laying off more workers at its North Antelope mine in Wyoming.

According to The Casper Star-Tribune, three coal mines around the town of Wight, Wyoming will be laying off workers. One of those mines was the Peabody-owned North Antelope Rochelle Mine. While Peabody has not yet formally announced how many it would be laying off, this will be the third round of layoffs at that mine this spring alone.

Image source: Getty Images.

Source Fool.com

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