Top Stocks – Macarthur Coal (MCC)
Macarthur Coal (MCC) is the world’s largest producer of low volatile pulverized injection coal used for steel making and is a supplier to steel producers.
MCC has boosted FY10 net profit guidance to $115 million – $125 million, from the previous $103 million – $113 million.
MCC based its forecast on better-than-expected sales volumes, which was due to loading shipments earlier than expected.
The profit update comes just a day after Centennial Coal (CEY) received a takeover offer, and may be a signal by MCC to Peabody Energy to come back with its own revised offer.
MCC share price has surged since middle of May, last closing at $12.75 a share.