CLD - Cloud Peak Energy: Still Putting Coal In Investors' Stockings
In the short time since I raised red flags on Cloud Peak Energy (CLD) in April of this year, the value of the equity has collapsed further. Collapse might be an understatement; shares are now 95% off fifty-two week highs. It is pretty clear that the market is now pricing in what it feels is an inevitable bankruptcy. Bulls still seem enamored. Cash flow, even exclusive of working capital, remains positive. I think that’s a red herring. In my mind, the questions facing investors today are twofold, but simple:
- Does the company