Why Newmont Mining Rallied on Friday
Shares of gold miner Newmont Mining (NYSE: NEM) rallied 8.5% on Friday.
Newmont, the world's largest gold mining company, reported earnings last night that exceeded expectations. While everyone knows that gold prices were up in the quarter, Newmont's stock is doing even better than gold today, which was only up 20 basis points.
In the first quarter, Newmont grew revenue 45.9% to $7.31 billion, while adjusted (non-GAAP) earnings per share rocketed 132% to $2.90. Both figures handily beat analyst expectations.
Source Fool.com
