Opposite the rise of LeBron James, the value of micro cap stock for Patriot Coal Corporation (NYSE:PCX) increased during trading on Friday, as news that the company was dropped from the S&P MidCap 400 index negatively affected investor sentiment.
24/7 Wall Street Wire reported that the company was dropped from the S&P MidCap 400 Index, effective next week, as it will be replaced by Alexander & Baldwin Holdings Inc. due to a decline in performance.
"Patriot Coal is currently ranked #400 in the MidCap 400 index and is no longer representative of the midcap market space," Standard & Poor's said in a statement following the decision to drop the mining firm.
According to the news outlet, the company also received news that Arch Coal Inc. is shuttering some of its operations, which also dragged down the value of the Patriot Coal stock.
A release noted that Patriot Coal's stock had risen sharply earlier in the week, prior to news of the S&P downgrade.
Shares of the company's stock dropped $0.14 to $1.22 at 1:15 p.m. on June 22, an increase of 10.9 percent.