Coal plays

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The release of first-quarter 2007 results for the publicly traded coal companies kicks off later this week with the release of the March-quarter results by Peabody Energy on April 19.Thanks to the combination of higher labor costs, lower SO2 allowances [or sulfur dioxide allowances, which are controlled by the government and designed to reduce acid rain] and lower coal-price realizations for those contracts indexed to spot prices such as those in the Powder River Basin in Wyoming and Montana, we estimate that all of the coal producers within our universe, with the exception of Massey Energy, will realize year-over-year earnings declines- Caris & Co.

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