Qatar LNG offline for 3-5 years. India forcing coal plants to max output. Consensus is behind the curve.
Five straight losing weeks for the S&P. Since the Iran war started, the S&P is down 5.4%, the Dow 6.9%, and the Nasdaq 7.3%. Markets bounced today on renewed Iran diplomacy chatter, but the pattern has been the same for weeks: risk-on for a few hours, then reality sets back in.
Last week the Fed held rates at 3.50-3.75%. 11-1 vote. Governor Miran dissented, wanted a 25bp cut. Powell called inflation “somewhat elevated” and acknowledged Middle East implications for the outlook. He also confirmed he has no intention of leaving the board, even as his term as Chair nears its end.
The company: Peabody Energy
Peabody Energy ($BTU) is the largest private-sector coal company in the world. Based in St. Louis, $4.5 billion market cap, net cash balance sheet with roughly $575 million in cash against $321 million in long-term debt. Total liquidity exceeding …
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