On Tuesday, From a recent seven-year high, European shares dropped down further away following weaker oil and metals prices hit commodities stocks, but a rebound in Credit Suisse limited market losses.
The STOXX Europe 600 Oil and Gas index dropped down 2.3 percent, the top sector al decliner, while the European basic resources index dropped down 1.3 percent after a drop of 1.3 to 2.5 percent in crude oil and key metals prices.
There is still some weakness in final demand for commodities.
Later that day, after 6 1/2 hours of heavy volume selling in the stock market, the closing bell rang. The big sell-off pulled most stocks and commodities into an extremely oversold market condition. Traders were waiting all day for some type of bottom to be put in place so they could re-enter a long position and day trade the rebound.
But as we learned when the closing bell rang, there was no bottom and there were no bounds in equities. From looking at my trading platform dashboard, virtually every stock sector, country and commodity ETF was trading sharply lower.
The last commodity which rallied late in the day was the iPath DJ-UBS Livestock TR SubIndex (NYSE:COW). The COW ETF is a livestock commodities fund. And so it seems after a long hard day in the financial markets we find comfort in a big juicy steak.
CONSOL Energy Inc. (NYSE:CNX), declined nearly -4.22%, and is now trading at $27.49. The stock recently hit its new 52-week low of $26.70, and it lastly hit its 52-weeek high of $48.30, on Jun 6, 2014.
CONSOL Energy Inc. (CNX) declared its 2014 tax packages, counting the Plan K-1, are now accessible online and may be accessed at https://www.taxpackagesupport.com/conemidstream. CONE Midstream Partners will start mailing the 2014 tax packages to unitholders today.
Formerly, CONSOL Energy Inc. released that it has commenced cash tender offers to purchase (i) any and all of its $1,014,800,000 in outstanding aggregate principal amount of 8.25% senior notes due 2020 and (ii) any and all of its $250,000,000 in outstanding aggregate principal amount of 6.375% senior notes due 2021. In connection with the Offers, CONSOL is soliciting consents to (i) projected amendments that would shorten to three business days the minimum notice period for optional redemption and eliminate substantially all restrictive covenants and certain default provisions contained in the indenture governing the 2020 Notes and (ii) projected amendments that would eliminate substantially all restrictive covenants and certain default provisions contained in the indenture governing the 2021 Notes. The Offers are planned to expire at 11:59 p.m., New York City time, on April 6, 2015, unless extended or earlier terminated. Holders of Notes that validly tender (and do not validly withdraw) their Notes and provide their consents to the amendments to the Indentures before 5:00 p.m., New York City time, on March 20, 2015, unless extended , will be eligible to receive the applicable Total Consideration.
In connection with the Offers, CONSOL is soliciting consents to certain projected amendments to the Indentures. Holders may not tender their Notes without delivering consents or deliver consents without tendering their Notes. No consent payments will be made in respect of Notes tendered after the Consent Expiration. Following receipt of the consent of holders of a majority in principal amount of each Series of the outstanding Notes, CONSOL will execute a supplemental indenture to amend each Indenture, in the case of the 2020 Notes, to shorten to three business days the minimum notice period for option redemption and, in the case of both Series of Notes, to eliminate substantially all restrictive covenants and certain events of default in the Indentures.
Tendered Notes may be withdrawn and consents may be revoked before 5:00 p.m., New York City time, on March 20, 2015, unless extended, but generally not afterwards, unless required by law. Any extension or termination of the Offers will be followed as promptly as practicable by a public declaration thereof.
CONSOL Energy Inc., together with its auxiliaries, operates as an integrated energy corporation in the United States and internationally. The corporation operates through two divisions, Exploration and Production (E&P), and Coal. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.
