Second-half results will be challenging, but we
highlight four drivers toward improved
sentimentnatural-gas price support, less-negative
Chinese data, more output cuts and a Romney/Ryan
victory. Shares of Consol Energy (ticker: CNX),
Arch Coal (ACI), James River Coal (JRCC) most
levered to natural-gas dynamics while Peabody
Energy (BTU), Alpha Natural Resources (ANR) and
Walter Energy (WLT) driven more to met dynamics, in
our view.
