Why Cameco Corp Dropped as Much as 13% Today
Shares of leading uranium miner and nuclear fuel processor Cameco Corp (NYSE: CCJ) sank up to 13% Friday morning after the company announced third-quarter 2017 earnings. The results were in line with management's expectations and guidance, although that doesn't mean they were pretty.
The uranium market's slump continued last quarter and forced the miner to reduce its volume guidance for the full year, eat a big quarterly loss, and implement more cost-saving measures. Although investors have become accustomed to awful news updates about all things uranium, it seems every quarterly financial update provides an in-your-face reminder of the dismal state of affairs that prompts scores of investors to head for the exits.
As of 12:27 p.m. EDT, the stock had settled to a 9.2% loss.
Source: Fool.com
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