Print software company Lexmark International surpassed one of the US’ largest raw materials companies on a bellwether stock index with a market cap of $US1.67 billion.
Alpha’s market cap is now $1.63 billion, down 10% from $1.81 billion a week ago.
The two companies have traded positions several times at the bottom of the S&P over the last few weeks, though Alpha has reflected more volatility and the burden of a more rapidly evolving market.
Most directly, the news illustrates market reaction to Alpha’s massive operational cutbacks announced earlier this week, including the shutdown of eight mines and the axing of some 1200 employees.
It also suggests that investor sentiment coincides with the miner’s own evaluation that the long-term thermal coal market has fundamentally changed for the worse.
Alpha shares closed on the New York Stock Exchange at $7.41 compared to $8.23 a week ago.
