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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

7/16/12

Alpha Natural Resources Inc. (ANR)

Alpha Natural Resources got burned today, down 10.22% at $6.85. Shares of the coal producer fell to a new 52-week low after a former coal investor talked poorly regarding the future of the industry. Billionaire Wilbur Ross, who built a coal company that he sold for $3.4 billion last year, said that the industry was in for a long road ahead. He stated that he thought the recent boom in natural gas and shale was a major obstacle for the industry. Ross also said that the current down cycle is structurally different than previous declines in the industry and the unfavorable conditions will be here for years to come. Another sign of weakness came last week when Patriot Coal filed for bankruptcy. Alpha Natural fell into a coal mine today, hopefully for investors; it can find its way out.

Par Pharmaceutical Companies Inc. (PRX)

Par Pharmaceuticals was better than average today, up a stunning 36.69% at $50.00. The company saw its shares skyrocket today when news was released that it would be acquired by private equity firm, TPG. TPG partner; Todd Sisitsky said, "The company is positioned to benefit from the strong macro trends of a greater focus on cost-effective health care solutions and the increasing demands of an aging population." TPG said it would pay $50 in cash per share, 37% above Par's 36.58 closing price on Friday. Par hadn't traded above 50 since May 2004. But the deal gives Par the ability to solicit other proposals through Aug. 24, and Par said it would actively seek such proposals. Par blew away its previous 52-week high of $42.80, a phenomenal day for its investors.
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